Goldman Sachs Group Inc will pay $67 million and Bain Capital Partners LLC will pay $54 million to settle their portions of a lawsuit accusing several of the world's largest private equity firms of conspiring not to outbid each other on companies they sought to buy.The preliminary settlement with former shareholders of publicly traded companies that were acquired in buyouts was disclosed in papers filed on Wednesday with the U.S. District Court in Boston, and it requires court approval.Goldman and Bain did not admit wrongdoing in agreeing to settle. Five other defendants remain in the case: Blackstone Group, Carlyle Group, KKR & Co, Silver Lake Partners and TPG Capital Management, court papers show.The December 2007 lawsuit accused private equity firms of engaging in an "overarching" conspiracy from 2003 to 2007 not to outbid, or "jump," each other after transactions were announced. Goldman was a defendant because of transactions involving its private equity arm.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.89% or $0.3/share to $33.94. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5660090 shares of BX exchange hands on a given day and today's volume is recorded at 3324930.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.56% or $-0.93/share to $165.43. In the past year, the shares have traded as low as $148.71 and as high as $181.13. On average, 3039570 shares of GS exchange hands on a given day and today's volume is recorded at 2004076.
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