Ex-Goldman Sachs Banker Sues Federal Reserve Over Lifetime Ban

(Bloomberg) -- A former Goldman Sachs Group Inc. banker facing a possible lifetime ban from the banking industry sued the Federal Reserve, claiming the regulator is taking to long to reach a final decision in his case.

Joseph Jiampietro asked a federal court in Manhattan Wednesday to force the Fed to dismiss its internal enforcement action against him or to finalize a decision in the case so he can appeal. An administrative law judge recommended the ban last year over Jiampietro’s alleged misuse of information taken from the Fed to help Goldman Sachs get business.

“By neglecting to take final agency action, the Reserve Board has effectively trapped Jiampietro in an administrative purgatory,” his lawyers claimed in a court filing.

Goldman Sachs agreed to pay $36.3 million in 2016 to resolve a federal investigation into the matter. Jiampietro is a former senior adviser to the FDIC chairman.

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