Legal
Goldman Pays $5.5 Million Over Allegation It Didn’t Record Calls
- Bank pays $5.5 million to futures regulator over recordkeeping
- CFTC says pandemic contributed to issues in bank’s systems
Goldman Sachs headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Goldman Sachs Group Inc. agreed to pay $5.5 million to settle a US regulator’s allegations that it failed to fully record and retain thousands of phone calls.
The Commodity Futures Trading Commission alleged on Tuesday that two separate outside systems the Wall Street giant relied on to record some audio conversations, as required by the the regulator, sometimes failed during 2020. In 2019, the firm settled CFTC allegations it failed to record phone lines of a trading and sales desk in 2014.