Goldman Sachs Fined 550 Million Dollars

[philippines]

US bank Goldman Sachs has agreed to pay $550m (£356m) to settle civil fraud charges of misleading investors.

The US financial watchdog, the Securities and Exchange Commission (SEC), said this was the biggest fine against a bank in its history.

It added that $250m would compensate investors, with the balance going to the US Treasury.

The charges concerned Goldman's marketing of mortgage investments as the US housing market faltered.

The SEC said Goldman had acknowledged that marketing material contained "incomplete information". - bbc