There is a good time for Goldman Sachs. On Thursday, the lawsuit against Goldman Sachs has been settled by casting a deciding vote by Mary Schapiro, the SEC chairman appointed by President Obama.

As per some sources, there held a closed-door session for deciding the fate of the case against Goldman Sachs. The votes were split into 3-2. Those voted against the case were two Republican commissioners of SEC. The majority marked the victory of the settlement.

As per the settlement, Goldman will have to pay a fine of $550 million, but they are not to admit that they committed a scam. The bank was charged by SEC on the grounds of deceiving clients by selling them a mortgage-security product that clandestinely was framed by another client of Goldman. The Goldman people predicted a housing market crash and thus cheated their clients.

Republican Commissioner Kathleen Casey is quite annoyed with the proceedings of the case. She argued the settlement process and said that such a fraud cannot be easily discharged by merely a monetary fine.

The settlement has been seen as the rarest of cases in the 7- year history of SEC.

As per some sources, the agency feared losing the case in the court, as it never faced such a strong case ever, so they voted in favor of its settlement. But, it is still to be approved by a New York federal court and for that Goldman has to submit a statement regarding its offense.