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
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 Parent:
USA
HQ State of Parent:
New York
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking & securities
Source of Data:
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.
