Goldman agrees to pay $50m to settle Fed leak case

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Goldman Sachs agreed to pay a $50m fine and accepted a three-year ban on some advisory work in New York as part of a settlement with the state’s financial regulator over the leak of Federal Reserve documents.

Bloomberg News reports that the resolution grows out of an incident last year that highlighted the sometimes cozy relationship between Wall Street and its regulators.

The case involved Rohit Bansal - a recent hire from the Federal Reserve Bank of New York - who obtained confidential information last year from a friend at the Fed. The information concerned a mid-sized New York bank that was a Goldman Sachs client and which Bansal supervised at his former job. Bansal circulated the document among Goldman Sachs colleagues as part of the bank’s advisory efforts on behalf of the client.

When Goldman Sachs’s management learned of the breach, they fired Bansal along with his boss and started an investigation. 

To access the complete Bloomberg News article hit the link below:

Goldman Agrees to Pay $50 Million to Settle N.Y. Fed Leak Case

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