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think

(11,641 posts) Tue Dec 20, 2016, 04:41 PM Dec 2016

Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 million

Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 million

By Nate Raymond • Reuters Dec 17, 2016

NEW YORK • Goldman Sachs Group Inc. has agreed to pay $56.5 million to resolve a U.S. class action lawsuit accusing it and other banks of rigging an interest rate benchmark used in the $553 trillion derivatives market.

The proposed settlement was disclosed in papers filed in federal court in Manhattan on Friday. It came after seven other banks agreed in May to pay a combined $324 million to resolve the litigation.

As part of the deal, Goldman has also agreed to provide lawyers for the plaintiffs evidence including transaction data, documents and witness interviews, which could be used in litigations against the remaining banks, the court papers said.

~Snip~

The case is one of many pending in Manhattan federal court accusing banks of conspiring to rig rate benchmarks, securities prices or commodities prices...

Read more:
http://www.stltoday.com/business/local/goldman-sachs-to-settle-u-s-rate-rigging-lawsuit-for/article_a86330d7-c14c-5640-bcca-4e82e70ab3b0.html

5 replies

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Goldman Sachs to settle U.S. rate-rigging lawsuit for $56.5 million (Original Post) think Dec 2016 OP

Pocket change to those guys. Squinch Dec 2016 #1

Exactly, like fifty-six cents to us. sarcasmo Dec 2016 #5

What a fucking con game angrychair Dec 2016 #2

Considering no one ever seems to go to jail it kind of feels like it's already quasi legal.... think Dec 2016 #3

There lies the problem...it's not angrychair Dec 2016 #4

Squinch

(51,080 posts)

1. Pocket change to those guys.

Reply to think (Original post)

Tue Dec 20, 2016, 04:45 PM

Dec 2016

sarcasmo

(23,968 posts)

5. Exactly, like fifty-six cents to us.

Reply to Squinch (Reply #1)

Tue Dec 20, 2016, 07:40 PM

Dec 2016

angrychair

(8,752 posts)

2. What a fucking con game

Reply to think (Original post)

Tue Dec 20, 2016, 05:14 PM

Dec 2016

Criminal conspiracy to fix rates in your favor and make billions of dollars and then settle for a fraction of a cent on the dollar to make it go away.

A person goes to jail but a corporation gets another tax write off.

Trump is only going to empower these people to do it more and likely make it legal.

think

(11,641 posts)

3. Considering no one ever seems to go to jail it kind of feels like it's already quasi legal....

Reply to angrychair (Reply #2)

Tue Dec 20, 2016, 05:20 PM

Dec 2016

angrychair

(8,752 posts)

4. There lies the problem...it's not

Reply to think (Reply #3)

Tue Dec 20, 2016, 05:27 PM

Dec 2016

If you and I conspire to defraud millions of people we are criminals and pay a significant fine and likely go to jail. A corporation is "fined" with a monetary penalty that amounts to little more than the cost of doing business. As long as the "fine" is less than the profit than they are in a win-win situation.

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