Goldman Sachs has agreed to pay a $4mn penalty over US regulatory charges that the bank’s asset management division misled customers about environmental, social and governance (ESG) investments.
The settlement with the Securities and Exchange Commission highlights a widening clampdown on potentially unsupported claims made by financial groups when it comes to socially-conscious investment products.
The SEC’s settlement involved two mutual funds and one separately managed account strategy. Before February 2020, Goldman Sachs employees completed certain ESG questionnaires for evaluating companies included in the funds after securities were already picked, the US regulator said in a statement on Tuesday.
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