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Washington - US securities regulators said on Thursday that Goldman Sachs Group will pay $22m to settle civil charges that the investment bank lacked adequate policies to prevent firm analysts from sharing non-public information that could be passed to clients.
The joint settlement with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority was previously reported by Reuters on Wednesday.
The case stems from a practice at Goldman that came to light several years ago known as “huddles,” where stock research analysts met with the firm’s traders to share their best trading ideas. Those ideas were then passed along to preferred clients.
The joint settlement with the US Securities and Exchange Commission and the Financial Industry Regulatory Authority was previously reported by Reuters on Wednesday.
The case stems from a practice at Goldman that came to light several years ago known as “huddles,” where stock research analysts met with the firm’s traders to share their best trading ideas. Those ideas were then passed along to preferred clients.
