Mass. Fines Goldman $10M Over Trading Huddles

Law360, New York (June 9, 2011, 2:49 PM EDT) -- Goldman Sachs Group Inc. agreed Thursday to pay Massachusetts securities regulators $10 million and end so-called trading huddles, in which research analysts provided short-term trading tips to the firm's traders and then passed the tips on to favored clients.

Beginning in 2006, the investment bank's research analysts held meetings with traders, called huddles, in which they would talk about market-related developments, including market trends and trading ideas, according to a consent order between Goldman Sachs and Massachusetts regulators.

The analysts and sales staff would then call...
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