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(Bloomberg) -- Goldman Sachs Group Inc. agreed to pay $20 million to settle an investor lawsuit accusing traders at the bank, along with 15 other financial institutions, of rigging prices for bonds issued by Fannie Mae and Freddie Mac.

As part of the settlement, disclosed Friday in a court filing, Goldman Sachs will cooperate with investors in their case against the other banks. The firm also agreed to make changes to its antitrust-compliance policies related to bond trading. A federal judge in Manhattan must approve the settlement before it can take effect.

Investors sued after Bloomberg reported in 2018 that the U.S. Department of Justice was investigating some of the world’s largest banks for conspiring to rig trading in unsecured government bonds.

Goldman Sachs has turned over 71,000 pages of potential evidence, including four transcripts of chat-room conversations among its traders and some from Deutsche Bank AG, BNP Paribas SA, Morgan Stanley and Merrill Lynch & Co., according to court papers filed Friday. The bank agreed to provide additional help, including deposition and court testimony, documents and data related to the bond market.

Goldman Sachs isn’t the first to resolve the civil claims. In September, Deutsche Bank agreed to settle for $15 million. First Tennessee Bank and FTN Financial Securities Corp. agreed to a $14.5 million settlement later in September.

Among the firms remaining as defendants in the case are Credit Suisse AG, Barclays PLC and Citigroup Inc.

The case is In re GSE Bonds Antitrust Litigation, 19-01704, U.S. District Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Bob Van Voris in federal court in Manhattan at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: David Glovin at This email address is being protected from spambots. You need JavaScript enabled to view it., Steve Stroth

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Federal Reserve^[1] Chairman Jerome Powell said Thursday that the U.S. should be able to steer clear of a recession, as it continues to extend the longest economic expansion on record.

“In principle, there’s no reason why it can’t last,” Powell told the House Budget Committee in testimony. “At the risk of jinxing this, I would say that in principle there’s no reason to think, that I can see, that the probability of a downturn is at all elevated.”

Powell said he does not see any parts of the economy that are “really hot,” referring to inflated asset valuations that could resemble the mortgage bubble that triggered the last financial crisis. He reiterated that the consumer, which represents about 70% of the economy, remains strong despite weakening manufacturing and exports. 

Powell added that financial markets also do not appear to show signs of a “build-up of leverage,” despite concerns over leveraged loans and corporate debt^[2]. Fed officials have flagged rising levels of poorly rated corporate debt as a possible risk to the financial system, but Powell said there is nothing “troubling from a financial stability stance.” His remarks preview a new report expected from the Fed on Friday that will provide updates on financial risks that could upend the economic recovery.

“I would say this expansion is on a sustainable footing and we don’t see the kind of warning signs that appear in other cycles yet,” Powell said on Thursday. “Of course you never really know but I would say...