Goldman to pay over $2 billion in DOJ’s 1MDB probe

Business

Goldman Sachs Group Inc GS.N has reached an agreement with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, Bloomberg News reported late on Monday.

The agreement, which may be announced within days, will allow Goldman Sachs to avoid a U.S. criminal conviction over the scandal, the report said, citing sources familiar with the matter.

Malaysia in September dropped criminal charges against three Goldman Sachs units after the bank agreed to pay $3.9 billion to settle the probe.

Goldman Sachs had generated about $600 million in fees for its work with the Malaysian Sovereign wealth fund, which included three bond offerings in 2012 and 2013 that raised $6.5 billion.