Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Goldman Sachs Group Inc    GS   US38141G1040

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

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

11/06/2013 | 01:45pm US/Eastern
Recommend:
0

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

Recommend :
0
React to this article
Latest news on GOLDMAN SACHS GROUP INC
1d ago GOLDMAN SACHS : 24 JUL 2014 James J. Schiro Retires from the Board of Directors ..
1d ago GOLDMAN SACHS : Adebayo O. Ogunlesi to Become Goldman Sachs’ Lead Director..
1d ago GOLDMAN SACHS : James J. Schiro Retires from the Board of Directors of Goldman S..
1d agoDJUK Construction Firms Balfour Beatty, Carillion in Merger Talks -Sky News
1d ago GOLDMAN SACHS : Goldwater 2.0: Fifty years ago with a banner of conservatism
1d ago GOLDMAN SACHS : SarderTV Offers New Learning from CEO's Video of Henry Paulson f..
1d ago WELLS FARGO, J.P. MORGAN, BANK OF AM :
2d ago Modern Land (01107) plans to issue USD senior notes
2d ago GOLDMAN SACHS : 120 Students Enrolled in New Jersey SEEDS Complete the Summer Ch..
2d ago Standard & Poor's may face SEC charges over ratings
Advertisement
Chart
Duration : Period :
Goldman Sachs Group Inc Technical Analysis Chart | GS | US38141G1040 | 4-Traders
Income Statement Evolution
Goldman Sachs Group Inc : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF