Goldman Sachs ends 1MDB fraud lawsuit with agreement-in-principle
Malay Mail
Goldman Sachs agreed to settle a class-action lawsuit over its role in the 1MDB fraud scandal.Summary
Goldman Sachs reached an agreement-in-principle to settle a class-action lawsuit accusing the bank of defrauding shareholders regarding its work for the Malaysian sovereign wealth fund 1MDB, which was embroiled in a corruption scandal involving misappropriation of billions of dollars. The bank, which previously paid $2.9 billion in penalties and ended a criminal case, helped 1MDB sell $6.5 billion in bonds and collected approximately $600 million in fees, leading shareholders to accuse Goldman of actively facilitating the fraud for profit.
(Source：Malay Mail)