Lorin L. Reisner, Deputy Director of the SEC's Division of Enforcement, added: "The unmistakable message of this lawsuit and today's settlement is that half-truths and deception cannot be tolerated and that the integrity of the securities markets depends on all market participants acting with uncompromising adherence to the requirements of truthfulness and honesty."

The SEC said that of the 550 million dollars to be paid by Goldman in the settlement, 250 million dollars would be returned to harmed investors through a Fair Fund distribution and 300 million dollars would be paid to the U.S. Treasury.

The landmark settlement also requires remedial action by Goldman in its review and approval of offerings of certain mortgage securities. This includes the role and responsibilities of internal legal counsel, compliance personnel, and outside counsel in the review of written marketing materials for such offerings.

Besides, it requires additional education and training of Goldman employees in this area of the firm's business.

The settlement came on the same day that the U.S. Senate passed the most sweeping restrictions on banks and Wall Street since the Great Depression.

It is subject to approval by a Judge of the Southern District of New York.

Goldman earned 3.3 billion dollars in the first quarter of this year. It earned 13.4 billion dollars in 2009.

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