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Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs to Settle U.S. Rate Rigging Lawsuit

Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market. Goldman has also agreed to provide lawyers for the plaintiffs evidence including transaction data, documents and witness interviews, which could be used in litigations against the remaining banks.

“Goldman Sachs will be paying $56.5 million to settle a U.S class action lawsuit which accused it and other banks of rigging an interest rate benchmark in a $553 trillion derivatives market.”

~ Reuters

This case is one of the pending cases in Manhattan federal court accusing banks of planning to rig rate benchmarks, securities prices or commodities prices. In the lawsuit, several pension funds and municipalities accused 14 banks of conspiring to rig the “ISDAfix” benchmark for their own gain from 2009 to 2012.

Related Reports: Reuters, International Business Times

 

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

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