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Goldman Sachs to Pay $4 Million SEC Penalty in ESG Fund Case

  • Asset management unit didn’t follow policies, procedures: SEC
  • Case involved three investment products from 2017-2020
Goldman Sachs Group headquarters in New York.

Goldman Sachs Group headquarters in New York.

Photographer: Michael Nagle/Bloomberg
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Goldman Sachs Group Inc. will pay $4 million to settle US regulators’ claims that its asset-management unit didn’t properly weigh environmental, social and governance factors in some of its investment products.   

The Securities and Exchange Commission said that the Goldman Sachs Asset Management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities.” The alleged misconduct occurred from April 2017 to February 2020, the SEC said in a statement on Tuesday.