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Goldman Sachs is having a rough week
(Goldman Sachs CEO Lloyd Blankfein.REUTERS/Wolfgang Rattay)
Goldman Sachs is having a rough week.
On Tuesday, news broke that the firm is being sued for allegedly breaching its fiduciary duty.
The private equity firm Primus Pacific Partners — a shareholder of one of Goldman's clients, the Malaysian bank EON Capital — is suing the firm for $510 million, CNBC reports, citing a statement.
The global bank is accused of hiding a conflict of interest involving Malaysian Prime Minister Najib Razak and his development fund 1Malaysia Development Berhad, or 1MDB.
The Malaysian High Court dismissed a similar suit in 2011.
"This plaintiff previously lost its challenge in the Malaysian courts seeking to stop a transaction involving a Malaysian company, which was then approved by shareholders," Goldman Sachs said in a statement. "We will vigorously contest this misguided additional lawsuit in New York court."
Meanwhile, on Monday news broke that the Federal Reserve will bring a roughly $50 million enforcement action against the bank over an information leak.
The former Fed employee Jason Gross last year admitted to leaking confidential government information to Rohit Bansal, a banker at Goldman Sachs. They pleaded guilty to theft of government property in November.
As Reuters reports, the firm has already paid a $50 million penalty to the New York Department of Financial Services over the issue.
All in all, not a great start to the week for the firm.
Last week, Goldman Sachs reported second-quarter earnings that beat expectations but couched the results in language that indicated the outlook was not good for the firm.
The firm cited "a challenging environment characterized by low interest rates, political uncertainty and concerns about global growth."
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