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Goldman Sachs to pay $109.5 million for trading violations

Goldman Sachs to pay $109.5 million for trading violations

NEW YORK (AP) — Goldman Sachs is paying a combined $109.5 million to federal and New York state authorities to settle charges that the investment bank's currency traders unlawfully shared customers' order information with other banks.

Goldman will pay $54.75 million to the New York State Department of Financial Services and an equal amount to the Federal Reserve, the two authorities jointly announced Tuesday.

Goldman is one of several banks who got caught up in a scandal where bank currency traders at major Wall Street firms used electronic chat rooms to talk about their customers' orders. By sharing customer order information, traders could distort the $5.3 trillion foreign exchange market to their benefit.

Many big banks were fined for their participation in the trading scandal, including JPMorgan Chase, Citigroup, HSBC and Barclays.

Updated : 2021-04-20 07:00 GMT+08:00