In the largest-ever penalty paid by a Wall Street firm, Goldman Sachs on Thursday agreed to pay $550 million to settle Securities and Exchange Commission charges that it misled investors in a collateralized debt obligation by misstating and omitting key facts. Goldman admitted that it made mistakes and regretted its failure to disclose relevant information. The case was viewed as a bellwether for Robert Khuzami, director of the SEC's Division of Enforcement, and Chairman Mary Schapiro, who vowed to ramp up agency enforcement.
Goldman Sachs Settles SEC Fraud Charges for $550 Million
The National Law Journal
July 16, 2010