Goldman expects $2.3 bln more in potential losses from legal disputes

Feb 24 (Reuters) - Goldman Sachs Group Inc (GS.N) is expecting potential losses from legal proceedings to be up to $2.3 billion more than the reserves it had set aside for such matters as of last year, the investment bank said on Friday.

In 2021, the bank was expecting the likely losses to be $2 billion higher than the reserves.

Goldman has been targeted with lawsuits ranging from the bank's role in Malaysia's 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021.

A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year.

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Goldman expects $2.3 bln more in potential losses from legal disputes

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

Solid price gains for gold, silver after busy news weekend

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout