Key Developments: Goldman Sachs Group Inc (GS)

GS on New York Consolidated

7 Jul 2015
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Latest Key Developments (Source: Significant Developments)

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

Goldman Sachs statement on proposed capital actions
Wednesday, 11 Mar 2015 04:51pm EDT 

Goldman Sachs:Says the Federal Reserve Board did not object to its revised 2015 capital plan, which includes the repurchase of outstanding common stock, an increase to its quarterly common stock dividend and the possible issuance and redemption of other capital securities.Says the firm intends to increase its quarterly common stock dividend by five cents a share to $0.65 per share, effective in the second quarter of 2015, subject to its Board of Directors' approval.  Full Article

U.S. judge recommends no Goldman Sachs Group Inc gender-bias class action - Reuters
Tuesday, 10 Mar 2015 06:29pm EDT 

Goldman Sachs Group Inc:A federal judge on March 10 recommended against certifying a class-action lawsuit in which current and former female employees at Goldman Sachs Group Inc accused the company of gender-based bias in pay and promotions - Reuters.While saying 'this is a close case,' U.S. Magistrate Judge James Francis said there were not enough common issues among the proposed class members to justify letting them sue as a group.The judge's recommendation now goes to U.S. District Judge Analisa Torres, who will decide whether to accept it.  Full Article

Judge throws out U.S. aluminum price-fixing claims against Wall Street banks including Goldman Sachs Group Inc - Reuters
Wednesday, 4 Mar 2015 01:03pm EST 

Goldman Sachs Group Inc:A U.S. judge has dismissed antitrust litigation accusing a variety of Wall Street banks and commodity merchants of conspiring to drive up aluminum prices by reducing supply - Reuters.U.S. District Judge Katherine Forrest in Manhattan rejected claims brought by aluminum purchasers against several defendants including Goldman Sachs, JPMorgan Chase, Glencore Plc, and Hong Kong Exchanges and Clearing Ltd, which owns the London Metal Exchange.The decisions are a setback for aluminum purchasers who raised price-fixing claims, in the litigation affecting the base metals market in two decades.These plaintiffs had accused Wall Street banks and commodity merchants of having colluded since May 2009 to hoard aluminum in warehouses.They said this led to higher storage costs, delays of up to 16 months to fill orders, and increases in prices of industrial products from soft drink cans to airplanes.U.S. and European regulators have also examined alleged metals price fixing.Forrest said the plaintiffs did not show that the Goldman and JPMorgan parent companies had any role in the alleged anticompetitive conduct.  Full Article

Deals of the day-Mergers and acquisitions

July 7 - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:

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