Goldman ordered to repay $80m

Money On Hook

Goldman Sachs must repay $80m with interest that National Australia Bank invested in a mortgage security before the financial crisis, a Financial Industry Regulatory Authority arbitration panel said.

Bloomberg News reports that there were 'knowing and material omissions and misstatements' that masked Goldman Sachs’s 'significant conflict of interest with its clients', the panel wrote in a May 7 ruling, referring to marketing materials for the collateralized debt obligation known as Hudson Mezzanine Funding 2006-1.

National Australia Bank originally sought $230m in compensatory and punitive damages, according to the award notice. At the hearing, the lender requested its $80m investment and $60m in interest. The panel awarded interest at a 3% annual rate going back to December 2006.

To access the complete Bloomberg News article hit the link below:

Goldman Must Pay National Australia $80 Million, Panel Says

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