One of Abu Dhabi’s sovereign wealth funds has dropped a lawsuit alleging Goldman Sachs bribed its officials as part of a “massive global conspiracy” that led to billions of dollars being embezzled from Malaysia’s 1MDB.
The news comes the day before the expected announcement of a long-awaited global regulatory settlement that includes more than $2bn of new fines for Goldman and a guilty plea from one of its Asian subsidiaries to close a chapter in a scandal that has cast a shadow over the bank for nearly five years.
“Following collaborative discussions, the International Petroleum Investment Company [Ipic] is dismissing its lawsuit against Goldman Sachs, related to issues regarding 1MDB,” Ipic said.
Goldman could not immediately comment but a person familiar with the matter confirmed papers requesting to dismiss the lawsuit had been filed in New York and that no financial settlement had been made.
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