WASHINGTON (AP) — Goldman Sachs has agreed to pay $22 million to settle regulatory charges that its analysts shared confidential research with favored clients.
The regulators alleged that Goldman analysts had weekly "huddles" from 2006 to 2011 where they discussed confidential research on stocks with the firm's traders. The analysts then passed on the ideas to a select group of top clients, the regulators said. They said that created the risk of research being passed to special clients before it was published.
The settlement was announced Thursday by the Securities and Exchange Commission and the Financial Industry Regulatory Authority, the securities industry's self-policing organization. Under the accord, $11 million of the penalty that Goldman is paying will go to the SEC and the other $11 million to FINRA.
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