Goldman Sachs Settles with State Regulators and Offers to Repurchase Auction Rate Securities Sold ..

The Goldman Sachs Group, Inc. (NYSE: GS) today announced that Goldman, Sachs & Co. has entered into a settlement in principle with the Office of the Attorney General of the State of New York and the Illinois Securities Department (on behalf of the North American Securities Administrators Association) regarding auction rate securities (ARS). Under the settlement, Goldman Sachs will offer to immediately repurchase at par the outstanding auction rate securities that are held by its Private Wealth Management clients and were purchased through the firm prior to February 11, 2008. Goldman Sachs has informed the Securities and Exchange Commission (SEC) of the agreement and intends to fully cooperate with the SEC’s ongoing investigation. The terms of the settlement include: Effective immediately, Goldman Sachs will offer to... [read full story]