Goldman Sachs Asset Management Resolves SEC Investigation of ESG Portfolios

On November 22, 2022, Cravath client Goldman Sachs Asset Management, L.P. (“GSAM”) reached a settlement with the U.S. Securities and Exchange Commission addressing historical policies and procedures related to three of GSAM Fundamental Equity group’s ESG investment portfolios. As part of the no‑admit, no‑deny settlement, GSAM agreed to pay $4 million as a civil money penalty.

The Cravath team was led by partner Evan Norris, of counsel Megan Y. Lew and associate Dean M. Nickles.