Violation Tracker Individual Record

Company: 
Goldman Sachs
Current Parent Company: 
Goldman Sachs
Penalty: 
$5,060,000,000
Primary Offense: 
toxic securities abuses
Violation Description: 

The Justice Department, along with federal and state partners, announced a $5.06 billion settlement with Goldman Sachs related to Goldman's conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities between 2005 and 2007. The resolution required Goldman to pay $2.385 billion in a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act and also required the bank to provide $1.8 billion in other relief, including relief to underwater homeowners, distressed borrowers and affected communities, in the form of loan forgiveness and financing for affordable housing. Goldman was also to pay $875 million to resolve claims by other federal entities and state claims.

Year: 
2016
Date: 
4/11/16
Agency: 
Justice Department multiagency referral
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.