Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Goldman Sachs Group Inc    GS

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Goldman Sachs Group Inc : Goldman Legal Costs Could Exceed Reserves by $4 Billion

11/06/2013 | 01:45pm US/Eastern

Goldman Sachs Group Inc. raised a closely watched measure of its legal costs by $500 million, the Wall Street firm's finance chief said Wednesday.

Speaking during a conference call with fixed-income analysts, Goldman Chief Financial Officer Harvey Schwartz said the New York firm had increased the top end of its range of "reasonably possible" legal costs to $4 billion above what it has set aside in reserves. That was up from $3.5 billion at the end of June.

"In terms of litigation, we continue to reassess our own individual cases," Mr. Schwartz said.

Goldman discloses the estimates in a quarterly regulatory filing. The new filing, Mr. Schwartz said, will come out by Thursday afternoon.

Large banks including Goldman have continued to wade through waves of litigation stemming from their actions before and during the financial crisis.

When Mr. Schwartz discussed "reasonably possible" losses, he was referring to a term that--under accounting standards--refers to events that are less than likely, yet more than remote.

Write to Justin Baer at justin.baer@wsj.com

React to this article
Latest news on GOLDMAN SACHS GROUP INC
07:26p Goldman tentatively agrees to pay $270 mln to settle lawsuit
04:07p GOLDMAN SACHS : Conference Call to Announce Third Quarter 2015 Results
12:55pDJUber Crosses $50 Billion Valuation
11:46a UPS bolsters full-truckload business with $1.8 billion deal
11:18a GOLDMAN SACHS : IFC, Goldman Sachs 10,000 Women Program Welcome Opic's $100 Mill..
06:00a Healthcare deals lift July to seventh busiest M&A month on record
07/30DJU.S. Banks Take Global LeadU.S. Banks Take Global Lead
07/30 GOLDMAN SACHS : County's $1 billion gold rush: Addiction treatment draws FBI
07/30DJLenders Pitch Refinanced Loans to Former Students (Some of Them)
07/30 GOLDMAN SACHS : DOROT Hosts Senior Prom for Older New Yorkers
Advertisement
Chart
Duration : Period :
Goldman Sachs Group Inc Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Income Statement Evolution
More Financials