Key Developments: Goldman Sachs Group Inc (GS)

GS on New York Consolidated

6 Oct 2015
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Latest Key Developments (Source: Significant Developments)

Big banks including Goldman Sachs Group Inc in $1.865 bln swaps price-fixing settlement - Reuters
Thursday, 10 Sep 2015 08:00pm EDT 

Goldman Sachs Group Inc:Twelve major banks have reached a $1.865 billion settlement to resolve investor claims that they conspired to fix prices and limit competition in the market for credit default swaps, a lawyer for the investors said on Friday - Reuters.The settlement in principle was disclosed at a hearing before U.S. District Judge Denise Cote in Manhattan - Reuters.The defendants include Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG - Reuters.Other defendants are the International Swaps and Derivatives Association (ISDA) and Markit Ltd, which provides credit derivative pricing services - Reuters.Credit default swaps are contracts that let investors buy protection to hedge against the risk that corporate or sovereign debt issuers will not meet their payment obligations - Reuters.The market peaked at $58 trillion in 2007, according to the Bank for International Settlements, but shrank to $16 trillion seven years later as investors better understood its risks - Reuters.Investors including the Los Angeles County Employees Retirement Association and Salix Capital US claimed that the defendants' activity caused them to pay unfair prices on CDS trades from late 2008 through the end of 2013, even though improved liquidity should have driven costs down - Reuters.  Full Article

Goldman Sachs Group Inc to pay $272 million to settle mortgage lawsuit - Reuters
Wednesday, 12 Aug 2015 08:00pm EDT 

Goldman Sachs Group Inc:Says will pay $272 million to settle a lawsuit that claimed the Wall Street bank defrauded investors about the safety of about $6 billion of residential mortgage-backed securities they bought in 2007 and 2008 - Reuters.Says the settlement with investors led by the NECA-IBEW Health & Welfare Fund, an electrical workers' pension fund in Decatur, Illinois, was disclosed in filings with the U.S. District Court in Manhattan on Aug.13.NECA-IBEW accused Goldman of misleading investors about the underwriting of home loans backing the securities, including the quality of appraisals and whether borrowers were capable of repaying their loans.The fund said the securities' prices collapsed during and after the financial crisis, while their credit ratings fell to low, "triple-C" junk grades from "triple-A".The bank is among those targeted by a federal-state working group probing misconduct in the sale of mortgage-backed securities prior to the financial crisis.  Full Article

Goldman Sachs Group Inc declares dividend
Thursday, 16 Jul 2015 07:35am EDT 

Goldman Sachs Group Inc:Says that on July 15, the board declared a dividend of $0.65 per common share to be paid on Sept. 29, to common shareholders of record on Sept. 1.  Full Article

Goldman Sachs Group Inc settles SEC charges over 2013 trading incident - Reuters
Monday, 29 Jun 2015 08:00pm EDT 

Goldman Sachs Group Inc:Says will pay $7 million to resolve U.S. Securities and Exchange Commission charges stemming from a programming error that caused the stock options market to be flooded with erroneous orders, roiling traders and prices - Reuters.Says SEC said Goldman mistakenly sent about 16,000 mispriced options orders to various exchange.Says SEC said this caused about 1.5 million options contracts, representing 150 million shares, to be executed within minutes after markets opened, though Goldman tried to cancel the orders.Says Goldman was charged with violating the SEC's market access rule, which requires brokerages that provide customers with direct market access to have reasonable risk and supervisory controls designed to prevent disruptions.Says Firms that have market access need to have proper controls in place to prevent technological errors from impacting trading," SEC enforcement chief Andrew Ceresney said.Says Goldman's control environment was deficient in several ways, significantly disrupted the markets, and failed to meet the standard required of broker-dealers.  Full Article

Abacus and Goldman Sachs to acquire 201 Pacific Highway, St Leonards
Thursday, 11 Jun 2015 11:30pm EDT 

Abacus Property Group and The Goldman Sachs Group Inc:Says they have exchanged contracts to acquire 201 Pacific Highway, St Leonards NSW.Says the total consideration for the acquisition is $115 million, excluding transaction costs.  Full Article

Goldman Sachs Group Inc ordered to pay $80 million plus interest in 2006 case - Reuters
Monday, 11 May 2015 08:15pm EDT 

Goldman Sachs Group Inc:Has been ordered to pay $80 million, plus interest, to the National Australia Bank for breaches associated with the sale of mortgage-linked securities, according to a court filing - Reuters.The May 7 decision, that came from an arbitration panel under the Financial Industry Regulatory Authority, granted NAB's request for compensation and also awarded interest at a 3 pct annual rate since Dec 2006.The marketing materials on which the NAB relied for creating a collateralized debt obligation called Hudson Mezzanine Funding 2006-1, masked Goldman Sachs’s 'significant conflict of interest with its clients', the panel found.The NAB had argued for $230 million in total damages including $80 million in compensatory damages and interest of $60 million.  Full Article

Goldman Sachs Group Inc expected to settle forex suit for almost $130 mln - Reuters
Friday, 8 May 2015 09:17pm EDT 

Goldman Sachs Group Inc:Says expected to pay $129.5 mln to settle its portion of a lawsuit that accuses banks of rigging prices in the foreign exchange market, The Wall Street Journal reported, citing a person familiar with the matter - Reuters.The lawsuit accused traders at a dozen banks of improperly sharing confidential information about their clients' orders through electronic chat rooms, then using that information to make money at the expense of their clients.  Full Article

Goldman Sachs Group Inc must face $120 million suit over mortgage securities - Reuters
Thursday, 7 May 2015 02:04pm EDT 

Goldman Sachs Group Inc:New York's top state court revived a bond insurer's $120 mln lied about a pool of securities backed by subprime mortgages during the period leading up the financial crisis - Reuters.ACA Financial said Goldman had deceived it into believing hedge fund Paulson & Co was a long investor in Abacus when it knew Paulson was betting the underlying mortgages would fail.ACA says it lost approximately $900 million on the deal when the subprime mortgage market collapsed.  Full Article

Goldman Sachs's Goldman Sachs Asset Management to acquire Pacific Global Advisors Solutions Business from Pacific Life Insurance Company
Thursday, 23 Apr 2015 01:00pm EDT 

Goldman Sachs:Goldman Sachs Asset Management (GSAM) announced that it has entered into an agreement with Pacific Life Insurance Company to acquire Pacific Global Advisors (PGA) solutions business.Pacific Global Advisors is a New York City-based advisor providing customized investment and risk management solutions as well as implementation services for institutional clients.As part of this transaction, key members of the Pacific Global Advisors management team will join GSAM.The transaction is expected to close by mid-year 2015.  Full Article

Goldman Sachs increases quarterly dividend
Thursday, 16 Apr 2015 07:35am EDT 

Goldman Sachs:Increased the quarterly dividend to $0.65 per common share from $0.60 per common share. The dividend will be paid on June 29, to common shareholders of record on June 1.  Full Article


Fed extends comment period for Goldman plan to buy part of GE Capital Bank

WASHINGTON - The Federal Reserve on Monday announced it was extending through Oct 30 the public comment period for an application by U.S. banking giant Goldman Sachs Group Inc to acquire assets and liabilities from GE Capital Bank .

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