Goldman Sachs Divests $250M To Prep For Volcker Rule

Law360, New York (May 10, 2012, 7:29 PM EDT) -- Goldman Sachs Group Inc. sold $250 million worth of its hedge fund investments in a move aimed at compliance with a new ban on proprietary trading, the bank said Thursday in a regulatory filing.

In a quarterly report filed with the U.S. Securities and Exchange Commission, Goldman Sachs said it had redeemed about $250 million of its interests in hedge funds in the first quarter of 2012 in order to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act's not-yet-finalized Volcker Rule.

“The firm...
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