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

  • Settlement funds will be used to boost compliance at bank
  • Pension fund sued Goldman, executives for lax oversight
Goldman Sachs headquarters in New York.

Goldman Sachs headquarters in New York.

Photographer: Amir Hamja/Bloomberg

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.