Thursday, July 15, 2010
Robert Khuzami, SEC Enforcement Division Director, emphasized the following points in his remarks at the press conference announcing the Goldman settlement:
Largest penalty every -- $300 million, plus $250 million in restitution
Settlement achieves goals of deterrence and accountability. Goldman admits deficient disclosure in its marketing materials. Goldman agrees to cooperate in ongoing litigation against Fabrice Tourre.
Disclosure obligations apply, no matter how complex the instrument, no matter how sophisticated the investor.
Settlement subject to judicial approval.