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Goldman Agrees to Settle Suit Over 1MDB for $79.5 Million

May 14, 2022, 12:41 AM

Goldman Sachs Group Inc. agreed to a $79.5 million settlement with shareholders who blamed lax oversight by the bank for its costly involvement in the 1MDB bribery scandal.

The money will be used to pay for “compliance activities” at the bank, including enhanced internal controls and accounting and the running of “a rigorous anti-corruption compliance program,” according to a pension fund that sued the company and its executives on behalf of shareholders.

Lloyd Blankfein in 2018.
Photographer: Andrew Harrer/Bloomberg

The settlement will be paid by insurers for Lloyd Blankfein, Goldman’s former chief executive officer, David Solomon, its current chief executive officer, and ten other ...

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