In the aftermath of agreeing to pay $2.9 billion to settle the 1MDB scandal, the Goldman Sachs Group announced it will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever.
The clawbacks, ordered by the firm’s board of directors, are part of the fallout from Goldman Sachs’ settlement on charges that it conspired to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) related to three bond offerings the firm had structured and arranged for Malaysia’s state development fund 1MDB. Goldman Sachs says it has spent the past five years implementing sweeping improvements to its compliance and internal controls systems as a result of the scandal.
