Goldman Sachs to pay $110 million to resolve forex probes

Section:

By Greg Farrell
Bloomberg News
Tuesday, May 1, 2018

Goldman Sachs Group Inc. has agreed to pay about $110 million to resolve allegations that its foreign exchange traders improperly shared information about client orders on an electronic chat room, putting clients at a disadvantage.

The firm will pay roughly $55 million each to New York's Department of Financial Services and the Federal Reserve Board. As part of its settlement, Goldman Sachs Bank USA, the state-chartered unit overseen by the New York agency, will provide its regulators with a plan to improve its internal controls and compliance program.

The resolution comes years after a far bigger wave of penalties tied to foreign-exchange trading by other global banks. In a May 2015 action against six banks related to manipulation of foreign currencies, federal authorities extracted five guilty pleas and $5.8 billion in penalties. That same year, Goldman Sachs and eight other banks agreed to pay about $2 billion among them to settle a class-action suit in New York over currency manipulation. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-05-01/goldman-sachs-to-pay-...



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