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Goldman Sachs to Pay $110 Million to Resolve Forex Probes

Goldman Sachs to Pay $110 Million to Resolve Forex Probes
(Roman Tiraspolsky/Dreamstime)

Tuesday, 01 May 2018 01:55 PM

Goldman Sachs Group Inc. (GS.N) agreed on Tuesday to pay $110 million to resolve allegations by two U.S. regulators that its foreign exchange traders shared information about investment positions.

Half the $110 million fine will be paid to the Federal Reserve and the rest will go to the New York Department of Financial Services (NYDFS).

“The firm failed to detect and address its traders’ use of electronic chatrooms to communicate with competitors about trading positions,” the Fed said in a statement.

Goldman Sachs said it was pleased it had resolved the Fed’s and the NYDFS’ “respective reviews and appreciate their recognition that we have already taken significant steps to enhance our policies and procedures.”

Regulators examined investments going back to 2008 and involved traders’ use of chatrooms as they took positions in the currency market through 2013.

As part of the settlement, Goldman agreed to hire a third-party to monitor future trades and meet new compliance standards.

© 2019 Thomson/Reuters. All rights reserved.

   
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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.
goldman, sachs, forex, claims
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2018-55-01
Tuesday, 01 May 2018 01:55 PM
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