Goldman could reportedly settle for less than $2 billion following multiple probes over Malaysian investment fund - and that's lower than expected
- Goldman Sachs could settle for under $2 billion to resolve US probes into the bank's involvement with 1MDB, a Malaysian investment fund surrounded by scandals, Bloomberg reported.
- The sum - which could be between $1.5 billion and $2 billion - is far less than analysts expected, according to Bloomberg.
- The bank has been subject to probes by the Justice Department and other federal agencies over its role in raising capital for the now-insolvent fund.
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Goldman Sachs could pay under $2 billion to settle the US investigations into its role in the 1MDB scandal, according to a report from Bloomberg.The Justice Department and other federal agencies are considering a fine between $1.5 billion and $2 billion, far less than some analysts expected the bank to pay, Bloomberg found. Analysts from Citi wrote earlier this year that the fines could reach as high as $9 billion.
US regulators have been investigating the Wall Street bank's role in raising capital for the now-insolvent Malaysian investment fund between 2012 and 2013.Attorney General William Barr is overseeing the case and most of the settlement is expected to be given to the Justice Department, according to Bloomberg.
Goldman is also working with Malaysian regulators to settle separate probes around the scandal. The country has publicly stated it wants the bank to pay as much as $7.5 billion, but according to Bloomberg, privately the discussions are pegging the figure between $2 billion and $3 billion.1MDB came under intense scrutiny around 2015 over allegations of corruption, embezzlement, and bribery. Get the latest Goldman Sachs stock price here.
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