Goldman Sachs agrees to pay $110 million to settle forex claims

Goldman Sachs agreed on Tuesday to pay $110 million to resolve allegations by two U.S. regulators of which its foreign exchange traders shared information about investment positions.

Half the $110 million fine will be paid to the Federal Reserve in addition to the rest will go to the brand new York Department of Financial Services.

“The firm failed to detect in addition to address its traders’ use of electronic chatrooms to communicate with competitors about trading positions,” the Fed said in a statement.

Goldman Sachs said of which was pleased of which had resolved the Fed’s in addition to the NYDFS’ “respective reviews in addition to appreciate their recognition of which we have already taken significant steps to enhance our policies in addition to procedures.”

Regulators examined investments going back to 2008 in addition to involved traders’ use of chatrooms as they took positions inside currency market through 2013.

As part of the settlement, Goldman agreed to hire a third-party to monitor future trades in addition to meet brand new compliance standards.

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