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Violation Tracker Individual Record

Company: Goldman Sachs
Current Parent Company: Goldman Sachs
Penalty: $5,060,000,000
Year: 2016
Date: April 11, 2016
Offense Group: financial offenses
Primary Offense: toxic securities abuses
Secondary Offense: investor protection violation
Mega-Scandal: Toxic Securities
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.
Level of Government: federal
Action Type: agency action
Agency: Justice Department multiagency referral
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.