Goldman Sachs has agreed to pay a record $550 million to settle fraud charges brought by the Securities and Exchange Commission, the financial regulator said on Thursday. In its charges against Goldman, the SEC said the investment bank had misled investors in a subprime mortgage product.
Goldman agreed to settle the charges without admitting guilt or denying allegations
*Goldman acknowledges that the marketing materials for its subprime product contained incomplete information.
*SEC says $550 million fine is the largest penalty ever assessed against a financial services firm
* The Goldman-SEC settlement is only related to the subprime product and does not settle any other past, current or future SEC probes against Goldman
*SEC's enforcement action against Fabrice Tourre continues