WASHINGTON, April 12 (Reuters) – U.S. securities regulators
said on Thursday that Goldman Sachs Group Inc will pay
$22 million 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 U.S. 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.
(Reporting By Sarah N. Lynch and Aruna Viswanatha; Editing by
Gerald E. McCormick)
