FINRA Arbitrators Order Goldman Sachs Pay $100 Million
From the Desk of Jim Eccleston at Eccleston Law LLC:
Goldman Sachs has been ordered to pay $100 million, plus interest, to the National Australia Bank (NAB) for violating industry practices related to the sale of mortgage-linked securities.
According to FINRA, NAB brought a $230 million arbitration claim in December 2012 relating to a mortgage-related deal that presented a significant conflict of interest between Goldman Sachs and clients such as NAB.
The award comes several years after Goldman Sachs paid $550 million to settle SEC allegations that it misled investors in the sale of another collateralized-debt obligation.
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