Key Developments: Goldman Sachs Group Inc (GS)

GS on New York Consolidated

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5 Feb 2016
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Latest Key Developments (Source: Significant Developments)

Goldman Sachs Group Inc - U.S. Treasury auction-rigging lawsuits assigned to New York judge - Reuters
Tuesday, 8 Dec 2015 06:48pm EST 

Goldman Sachs Group Inc:25 civil securities and antitrust class action cases alleging that big banks are rigging U.S. Treasury auctions will be heard by a federal judge in New York's Southern District, according to a court filing on Tuesday - RTRS.The U.S. Judicial Panel on Multidistrict Litigation, which is responsible for consolidating related lawsuits, said U.S. District Judge Paul G. Gardephe will preside over the case - RTRS.The pending class action against banks and brokerages that act as primary dealers, such as Goldman Sachs, Barclays & Deutsche Bank comes as the U.S. government is conducting a separate early-stage probe into the same activity - RTRS.The U.S. Justice Department and the Commodity Futures Trading Commission both sent banks requests for documents in the late summer, one of those people told Reuters - RTRS.The New York Department of Financial Services has sent similar inquiries concerning the Treasury auction process to the banks it oversees, two other people told Reuters - RTRS.A precise list of the banks who received inquiries from the DOJ and CFTC could not be immediately determined.- RTRS.A total of 22 banks serve as primary dealers in the government debt marketplace.The class action lawsuits allege that the banks have colluded to manipulate Treasury Department auctions and the pricing of Treasury securities as well as derivative products such as futures, whose value is pegged to the Treasury. - RTRS.  Full Article

Goldman Sachs Group Inc - Ex-N.Y. Fed employee pleads guilty over Goldman leaks - Reuters
Wednesday, 4 Nov 2015 04:35pm EST 

Goldman Sachs Group Inc:An ex-employee of the Federal Reserve Bank of New York pleaded guilty on Wednesday to the theft of confidential information that he admitted to leaking to a former colleague working at Goldman Sachs Group Inc - RTRS.Jason Gross, 37, entered the plea to a misdemeanor charge of theft of government property, days after Goldman Sachs reached a related $50 million settlement with the New York Department of Financial Services - RTRS.In court, Gross admitted to providing confidential information to Rohit Bansal, his former supervisor at the Federal Reserve Bank of New York who had left to work at Goldman Sachs - RTRS.Goldman has said that after discovering Bansal obtained the confidential supervisory information, it notified regulators and fired him and a more senior employee who failed to escalate the issue, according to the bank. The New York Fed also fired Gross - RTRS.As part of its $50 million settlement announced on Oct. 28, Goldman admitted to failing to supervise for banking law violations - RTRS.The bank also agreed to a three-year ban on accepting new consulting work that requires regulators to authorize disclosing confidential information - RTRS.Goldman additionally agreed to implement reforms to help ensure it complies with revolving-door restrictions and prevents the improper use of confidential regulatory information - RTRS.  Full Article

Goldman Sachs Group Inc - DoJ, CFTC probe banks on govt debt auctions - WSJ - Reuters
Tuesday, 3 Nov 2015 10:15pm EST 

Goldman Sachs Group Inc:U.S. prosecutors and the commodities regulator have asked some banks to provide information in connection with a broad probe into whether their traders rigged auctions on government debt, the Wall Street Journal reported, citing people familiar with the matter - RTRS.THe prosecutors at the Fraud Section at the Justice Department and investigators at the Commodity Futures Trading Commission (CFTC) sent the requests to many of the banks that serve as primary dealers - RTRS.which are authorized to deal directly with the government on the sale of Treasury bonds, the newspaper reported - RTRS.The list of primary dealers includes Goldman Sachs Group Inc GS.N, as well as other Wall Street banks and many of their European and Asian counterparts - RTRS.There are 22 primary dealers, but it is not clear whether all of those firms received the requests, the paper said - RTRS.The involvement of the CFTC suggests investigators are examining futures trading that occurs ahead of and around Treasury auctions - RTRS.However, it is not clear why the DoJ's Fraud Section is taking the lead on the inquiry, but indicates prosecutors are focused on allegations of manipulation, rather than collusion, the newspaper said - RTRS.  Full Article

Goldman Sachs Group Inc to pay $50 mln for not supervising banker in NY Fed case -NYDFS - Reuters
Wednesday, 28 Oct 2015 03:08pm EDT 

Goldman Sachs Group Inc:Goldman Sachs Group Inc will pay a $50 mln fine for failing to supervise a banker who stole confidential government information for use in advising a client, the New York Department of Financial Services (NYDFS) said on Wednesday - RTRS.Goldman, as part of the settlement, also took the rare step of admitting to its supervision failure involving the now former banker, Rohit Bansal - RTRS.Goldman has also admitted that an employee stole confidential documents from the Federal Reserve Bank of New York because of Goldman's failure, NYDFS said - RTRS.The NYDFS settlement also requires Goldman to abstain, for three years, from accepting any new consulting work that requires the disclosure of certain types of confidential information - RTRS.  Full Article

Goldman Sachs said to dismiss 20 Analysts for cheating on tests - Bloomberg - RTRS
Thursday, 15 Oct 2015 08:00pm EDT 

Goldman Sachs Group Inc:Goldman Sachs Group Inc. is dismissing about 20 analysts globally in offices including London and New York after discovering they had breached rules on internal training tests, said people familiar with the matter - Bloomberg.The employees, who had been working in the investment bank’s securities division, have either already been dismissed or are in the process of leaving the bank, said the people, who asked not to be identified as the matter is private - Bloomberg.The junior-banker title doesn’t refer to research analysts who recommend stocks to investors - Bloomberg.“This conduct was not just a clear violation of the rules, but completely inconsistent with the values we foster at the firm,” said Sebastian Howell, a Goldman Sachs spokesman in London, who said he couldn’t comment further - Bloomberg.  Full Article

Goldman Sachs Group Inc - JPMorgan Chase & Co, Morgan Stanley and Barclays Plc pay most in $1.9 bln swaps price-fixing settlement - Reuters
Thursday, 15 Oct 2015 08:00pm EDT 

Goldman Sachs Group Inc:JPMorgan Chase & Co, Morgan Stanley & Barclays Plc will pay over half of a more than $1.86 bln settlement resolving investor claims they conspired to fix prices and limit competition in the market for credit default swaps, according to a court filing -RTRS.Details of the settlement's breakdown with those and nine other banks were disclosed in papers filed late on Friday, in federal court in Manhattan, a month after the proposed deal was first announced -RTRS.JPMorgan will pay $595 mln, while Morgan Stanley & Barclays will pay $230 mln & $178 million, respectively, according to the filings -RTRS.The defendants in the case include Bank of America Corp, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group, HSBC Holdings, Morgan Stanley, Royal Bank of Scotland Group & UBS AG -RTRS.Goldman Sachs, Bank of America & Credit Suisse are set to pay about $164 mln, $90 mln and $159 mln, while Deutsche, Citi and BNP Paribas will pay $120 mln, $60 mln & $89 mln - RTRS.British banks HSBC and Royal Bank of Scotland will pay $25 mln & $33 mln -RTRS.The International Swaps and Derivatives Association will pay $750,000, while Markit Ltd, which provides credit derivative pricing services, will pay $45 mln -RTRS.US & European regulators have also examined potential anti-competitive practices in the CDS market -RTRS.Investors include the Los Angeles County Employees Retirement Association and Salix Capital US Inc -RTRS.  Full Article

Goldman Sachs Group Inc under FBI, U.S. DOJ scrutiny over 1MDB probe - WSJ - Reuters
Tuesday, 13 Oct 2015 08:00pm EDT 

Goldman Sachs Group Inc:The Federal Bureau of Investigation and the U.S. Department of Justice are examining Goldman Sachs Group Inc's role in allegations of corruption and money laundering at Malaysian state investor 1Malaysia Development Bhd (1MDB), the Wall Street Journal reported on Wednesday - RTRS.The U.S. inquiries are at the information-gathering stage, and there is no suggestion of wrongdoing by Goldman Sachs, the paper reported, citing people familiar with the matter - RTRS.Investigators "have yet to determine if the matter will become a focus of any investigations into the 1MDB scandal," the Journal quoted a spokeswoman for the FBI as saying - RTRS.Investigators in Malaysia have been probing 1MDB's management, including allegations that nearly $700 million was channeled from the fund to Prime Minister Najib Razak's bank accounts - RTRS.  Full Article

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

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Yogurt maker Chobani rejects PepsiCo's offer for stake in company

Greek-yogurt maker Chobani LLC, founded by billionaire Hamdi Ulukaya, said on Friday it had rejected offers from beverage giant PepsiCo Inc and other investors.

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