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Goldman Sachs restates Q2 earnings due to $2bn bill for 1MDB settlement

The US bank filed a revised second-quarter earnings document with the Securities and Exchange Commission on 7 August in which it detailed the extra legal costs

David Cope, head of financial crime compliance for Asia Pacific at Goldman Sachs arrives to give evidence at court in Kuala Lumpur in September 2019.
David Cope, head of financial crime compliance for Asia Pacific at Goldman Sachs arrives to give evidence at court in Kuala Lumpur in September 2019. Photo: Samsul Said/Getty Images

Goldman Sachs booked an additional $2bn in legal expenses during the second quarter, denting profits during the period as it took a hit from the settlement of its long-running investigation into the 1MDB scandal.

The US bank filed a revised second-quarter earnings document with the Securities and Exchange Commission on 7 August, in which it detailed the extra legal costs, much of which is likely to go to settle allegations related to its work with Malaysia's sovereign wealth fund 1MDB from the settle US Justice Department.

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