The deal resolves charges in Malaysia that the firm had misled investors when it helped raise $6.5bn for the country's 1MDB development fund. Prosecutors say billions of dollars were ultimately stolen - including by some of the bankers involved.
Goldman said the deal was "an important step" towards resolving the matter. "There are important lessons to be learned from this situation and we must be self-critical to ensure that we only improve from the experience," it added. The settlement - the largest reached so far in the scandal - includes a $2.5bn cash payout by Goldman. The firm also said it would guarantee that the government would receive at least $1.4bn from money recovered from the scheme.
"This settlement represents assets that rightfully belong to the Malaysian people," said Malaysia's new minister of finance, Tengku Dato' Sri Zafrul Aziz. He said the deal meant the government had now recovered more than $4.5bn - roughly the amount prosecutors say was stolen - and settling the charges, brought in 2018, meant recovering funds would not be "held up by lengthy and costly court battles and legal process".
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