Goldman agrees to settle suit over 1MDB for US$79.5mil

NEW YORK: Goldman Sachs Group Inc agreed to a US$79.5mil 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 programme,” according to a pension fund that sued the company and its executives on behalf of shareholders.

Neither Goldman nor the executives admitted to any blame in the settlement, which must be approved by the court.

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