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Tuesday, February 24, 2004

Goldman Sachs Details Settlement

by: Nicole Halsey

In its annual report, Goldman Sachs & Co. said it has agreed to pay regulators $45.5 million to settle charges in the New York Stock Exchange specialist investigation and is cooperating with state and federal investigations into improper mutual fund activities, according to various news reports.

Goldman Sachs subsidiary Spear, Leeds & Kellogg Specialists LLC was among the five specialist firms that settled with the Securities and Exchange Commission last week for $240 million. The firms were accused of placing their own trades ahead of customers' business on the floor of the NYSE, skimming profits at the expense of other trades.

In addition to the fine, Goldman Sachs said the settlement includes a censure and a cease-and-desist order on similar trades. NYSE officials said new technologies now in place will prevent those illegal trades in the future.  

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