Goldman Sachs has been ordered to pay $120 million to settle federal regulators' charges that it deliberately manipulated a global benchmark for interest-rate swaps to its advantage.
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The U.S. Commodity Futures Trading Commission said Wednesday that several Goldman traders, including the head of the bank's Interest Rate Products Trading Group in the U.S., used trades and false reports to manipulate the benchmark between 2007 and 2012.
In addition to the fine, the CFTC ordered the Wall Street bank to cease and desist from further manipulation and false reporting and take steps to deter the practice. Goldman must also implement internal controls and report to the agency on whether those controls have been effective.
Goldman says it is pleased to have the matter resolved.