SEC Wins Approval for Goldman Sachs Penalty Over Subprime CDOs
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The U.S. Securities and Exchange Commission won court approval to levy a $550 million penalty against Goldman Sachs Group Inc., the largest ever against a Wall Street firm, over claims the bank misled investors in collateralized debt obligations linked to subprime mortgages.
U.S. District Judge Barbara Jones in Manhattan granted final approval yesterday to a settlement between the SEC and Goldman Sachs that was announced on July 15.