Thursday, April 22, 2021

Key attorney in 1MDB settlement to depart Goldman Sachs, report says

Karen Seymour had played a central role in negotiating a US$2.9 billion criminal settlement with the DoJ that saw Goldman announce it 'accepted responsibility' over the scandal involving 1MDB.

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Goldman Sachs’ top attorney is stepping down, US media reported Tuesday, the latest senior executive to depart the storied investment bank.

Karen Seymour, general counsel for Goldman Sachs and a key figure in settling a US probe over the 1MDB scandal, will be succeeded by Kathy Ruemmler, who currently heads Goldman’s regulatory affairs, Bloomberg reported.

Seymour played a central role in negotiating a US$2.9 billion criminal settlement with the US Department of Justice that saw Goldman announce it “accepted responsibility” over the scandal involving the disgraced sovereign fund.

But the 1MDB settlement was structured in a way that did not significantly limit Goldman’s ability to do business.

Before her time at Goldman, Seymour worked for the US Attorney’s office in New York, where she led the prosecution of Martha Stewart for obstruction of justice connected to a probe of stock trades.

Goldman declined comment to AFP.

Seymour’s exit follows the departure of Goldman partner Omer Ismail, who had been heading the Marcus consumer banking unit.

Ismail will join retail giant Walmart to work on a financial technology startup, the Wall Street Journal reported over the weekend. The company did not respond to a request for comment.

Another Goldman executive, asset management co-head Eric Lane, is leaving for Tiger Global, Bloomberg reported.

Lane will join Tiger as president and chief operating officer, according to a person familiar with Tiger’s thinking.

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