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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Freddie Mac    FMCC

FREDDIE MAC

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Goldman Sachs settles bond-rigging lawsuit

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11/15/2019 | 09:17am EST
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the NYSE in New York

Goldman Sachs Group Inc agreed to pay $20 million (£15.6 million) to resolve claims by investors that it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac.

NEW YORK (Reuters) - Goldman Sachs Group Inc agreed to pay $20 million (£15.6 million) to resolve claims by investors that it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac.

The preliminary settlement filed on Thursday night in federal court in Manhattan requires a judge's approval, and is the third in litigation by investors against 16 financial services companies.

Deutsche Bank AG settled for $15 million and units of Tennessee's First Horizon National Corp settled for $14.5 million in September. Both settlements won preliminary court approval in October.

Goldman did not admit wrongdoing, and its settlement requires that it have strong antitrust compliance procedures.

Investors including Pennsylvania Treasurer Joe Torsella accused banks of exploiting their market dominance to overcharge for Fannie Mae and Freddie Mac bonds from Jan. 1, 2009, to Jan. 1, 2016, and keep more profit for themselves.

According to the investors, the defendants underwrote $3.97 trillion, or 77.2%, of Fannie Mae and Freddie Mac bonds in that seven-year period, with Barclays Plc, JPMorgan Chase & Co and UBS Group AG having the largest shares.

Fannie Mae and Freddie Mac guarantee more than half of U.S. mortgages, and have been in a conservatorship since taxpayers bailed them out in September 2008.

The case is In re: GSE Bonds Antitrust Litigation, U.S. District Court, Southern District of New York, No. 19-01704.

(Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 6.18% 182.48 Delayed Quote.21.23%
DEUTSCHE BANK AG -0.90% 6.721 Delayed Quote.-3.53%
FEDERAL NATIONAL MORTGAGE ASSOCIATION 6.46% 3.46 Delayed Quote.226.42%
FIRST HORIZON NATIONAL CORPORATION -1.03% 16.37 Delayed Quote.24.39%
FREDDIE MAC 5.70% 3.15 Delayed Quote.181.13%
GOLDMAN SACHS GROUP INC. -0.46% 225 Delayed Quote.35.32%
JPMORGAN CHASE & CO. -0.88% 136.81 Delayed Quote.40.15%
UBS GROUP 0.67% 12.07 Delayed Quote.-1.35%
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Sales 2019 12 049 M
EBIT 2019 -
Net income 2019 -712 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -14,3x
P/E ratio 2020 -
Capi. / Sales2019 0,84x
Capi. / Sales2020 0,79x
Capitalization 10 147 M
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