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Goldman says legal losses could reach $ 1.9 billion than reserves



(Reuters) – Goldman Sachs Group Inc. said that losses related to ongoing trials could potentially exceed the Legal Affairs Reserve by up to $ 1.9 billion.

The amount reported in the filing is considered a separate accounting from legal reserves and covers all issues considered "reasonably possible", the bank said.

In September, the investment bank stated that its losses could be up to $ 1.8 billion over its reserves. The bank did not provide specific information as to why it raised its loss estimate.

Apart from the lawsuits Goldman faces, it is investigated by the Malaysian authorities and the US Department of Justice for its role as an insurer and organizer of three bonds. Sales that raised $ 6.5 billion for 1

Malaysia Development Berhad.

The Malaysian government said in December that it was seeking up to $ 7.5 billion in compensation from Goldman to handle 1MDB.

The bank spent $ 844 million on its laws and regulations last year, more than four times what it set aside in 2017, even though it did not state its purpose.

Goldman shares were slightly changed in early trading.

                    


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