Goldman Sachs, Bain settle collusion lawsuit for $121m


gavelGoldman Sachs and Bain Capital have agreed to a $121m settlement in a lawsuit filed seven years ago alleging that several private equity firms conspired to drive down prices of buyouts.

Goldman and Bain will pay $67m and $54m, respectively, according to a court filing. Other defendants in the case including TPG Capital, Blackstone, KKR and Carlyle are scheduled to go on trial in November.

The lawsuit alleges that private equity firms conspired to buy businesses without competition.

Goldman said it was “pleased to put the matter behind us.”

Bain Capital also issued a statement, saying that “we continue to believe the case is meritless and baseless, but ultimately determined that it was best for our investors and our firm to put this matter behind us in light of the costs and distraction of six years of litigation.”

Bain recently bought Australian fast food group Retail Zoo from fellow private equity firm The Riverside Company.

Copyright © 2014 AltAssets