Goldman Sachs to pay $550 million to settle SEC lawsuit

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NEW YORK – Goldman Sachs has agreed to pay $550 million to settle a lawsuit brought by the US Security and Exchange Commission (SEC). The $550 million represents the largest fine the SEC has ever bestowed on a financial entity. Speaking to Operational Risk & Regulation, Scott Friestad, deputy director of the SEC’s enforcement division, describes the penalty as “a deterrent”, and says, “We think the size of the penalty was necessary to address the seriousness