Goldman Sachs settled a lawsuit for $1 billion

The settlement agreement Goldman Sachs and the Australian hedge Fund controlled by company Basis Capital Funds Management, reached in court in Manhattan on June 10, reports Reuters.

The details of the agreement were not disclosed.

A lawsuit against Goldman Sachs was filed in 2010. The Australian Fund accused the American Bank that he gave a positive assessment bonds Timberwolf, and they are two months later began to dramatically lose value. In the result Basic Capital lost $67 million, demanding $1 billion in penalties.

The scandal around Goldman Sachs came to prominence after it was published the email of a former employee of the Bank group Volume Montage, very impartially responded about the idea of project bonds Timberwolf.