Goldman Sachs unit pleads guilty in Malaysian bribery case

Goldman Sachs’s Malaysian subsidiary has pleaded guilty to charges that it conspired to violate anti-bribery laws in a massive scheme involving the Southeast Asian country’s sovereign wealth fund, known as 1MDB.

Goldman has agreed to pay about $2.9 billion to the various authorities, with the payment to the US Justice Department representing the largest ever penalty under the Foreign Corrupt Practices Act, which bars US companies from bribing foreign leaders.

This story is developing.