Goldman To Pay $550M To End Abacus Fraud Suit

Law360, New York (July 15, 2010, 4:05 PM EDT) -- Goldman Sachs Group Inc. will pay an unprecedented $550 million and reform its business practices to settle charges that it misled investors about the prospects of a complex subprime mortgage investment product just as the U.S. housing market began its collapse, federal securities regulators said Thursday.

If approved, Goldman's deal with the U.S. Securities and Exchange Commission would put an end to a high-profile civil lawsuit in the U.S. District Court for the Southern District of New York and would represent the largest-ever penalty paid by...
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