Goldman Sachs agrees to pay $55 million to settle forex claims by Fed

Goldman Sachs on Tuesday agreed to pay the Federal Reserve $54.75 million to settle claims that the bank allowed foreign exchange traders to wrongly share information about investment positions.

Goldman failed to catch forex traders who used chatrooms to discuss their positions on currency trades, the Fed said in a statement.

“The firm failed to detect and address its traders’ use of electronic chatrooms to communicate with competitors about trading positions,” the Fed said in a statement.

The Fed said it was taking the action with the New York Department of Financial Services.

Separately on Tuesday, Bloomberg reported that Goldman had agreed to match the Fed’s fine to resolve the same allegations.

Be the first to comment

Leave a Reply

Your email address will not be published.