Settlements and Verdicts

Goldman Sachs Agrees $60 Million Subprime Settlement in Massachusetts

A settlement has been agreed by Goldman Sachs Group (GSG) Inc., in the litigation over subprime mortgages and the packing of securities, which was the basis of the US housing market collapse.

Under the terms of the agreement, GSG will pay $50 million to compensate homeowners and $10 million to the state of Massachusetts. The agreement also allows for some loan principal reductions. Currently, GSG holds 714 mortgages in Massachusetts.

MAY-15-09: Goldman Sachs to pay US$60-million in subprime settlement [FINANCIAL POST: GOLDMAN SACHS SETTLES SUBPRIME LITIGATION FOR $60 MILLION]

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