Goldman Sachs Paying Over $2.9 Billion to Regulators in New 1MDB Scandal Settlement
Goldman Sachs (NYSE:GS) is making another hefty payout for its role in the 1MDB scandal. On Thursday, the Department of Justice (DOJ) and the company announced that Goldman had agreed to pay more than $2.9 billion for its participation in the notorious Malaysian financial controversy.
That penalty is a component of a "coordinated resolution," in the DOJ's words, with financial and law enforcement authorities in several countries, including the U.S., the U.K., and Singapore.
1MDB (or 1Malaysia Development Berhad) is an economic development fund created and operated by the Government of Malaysia that is currently insolvent. During its heyday, 1MDB veered from traditional economic-support initiatives in the country into more controversial and dubious investments.
Source Fool.com
