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
10m ago Barclays to pay $280 million to settle mortgage bond claims
1h agoDJForeign Climbers Abandon Everest as Sherpas' Concerns Persist
3h agoDJZimmer to Buy Biomet for $13.35 Billion -- 5th Update
4h ago Zimmer to buy Biomet for $13.35 billion in latest consolidation
5h agoDJElizabeth Arden Hires Goldman Sachs to Assist in Possible Sale -Reuters
8h agoDJZimmer to Buy Biomet for $13.35 Billion -- 4th Update
9h agoDJZimmer to Buy Biomet for $13.35 Billion -- 3rd Update
9h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
9h agoDJZimmer to Buy Biomet for $13.35 Billion -- 2nd Update
9h ago Barclays chairman defends staff bonuses as Standard Life leads shareholder pr..
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