Goldman fined for priority tips
GOLDMAN Sachs yesterday said it would pay a $10m (£6.1m) fine and stop giving favoured clients trading ideas developed at internal gatherings known as “trading huddles”.
Goldman analysts had been accused of giving “priority” clients short-term trading tips that may have been at odds with the bank’s published research. Analysts and traders began holding huddles in 2006.
A Goldman spokesman said the bank is pleased to settle the matter with Massachusetts’ securities regulator. The settlement includes no admission of fraud.