June 11 (Reuters) - Goldman Sachs Group Inc will pay $67 million and Bain Capital Partners LLC will pay $54 million to settle their portions of a lawsuit accusing several of the world’s largest private equity firms of conspiring not to outbid each other on companies they sought to buy.
The preliminary settlement with former shareholders of publicly traded companies that were acquired in buyouts was disclosed in papers filed on Wednesday with the U.S. District Court in Boston, and requires court approval.
Goldman and Bain did not admit wrongdoing in agreeing to settle. Five other defendants remain in the case: Blackstone Group, Carlyle Group, KKR & Co, Silver Lake Partners and TPG Capital Management, court papers show.
The 2007 lawsuit accused private equity firms of engaging in an “overarching” conspiracy not to outbid, or “jump,” each other after transactions were announced. Goldman was a defendant because of transactions involving its private equity arm. (Reporting by Jonathan Stempel in New York; Editing by Chris Reese)