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Goldman Sachs Agrees $550 Million Civil Suit Settlement

Washington, DC: Goldman Sachs & Co has agreed to a $550 million settlement in a civil suit alleging fraud in that it mislead purchasers of mortgage-related investments.

According to a report by AP and CBS News, the agreement calls for Goldman to pay the Securities and Exchange Commission (SEC) fines of $300 million, with the remainder of the monies going to compensate people who lost money on their investments.

The settlement is reportedly the largest brought against a financial company since the beginning of the SEC.

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Last updated on Jul-15-10