Goldman Sachs Group Inc. slashed on Monday its estimate for the upper end of the range of "reasonably possible aggregate loss" for legal proceedings to $2 billion, according to the investment bank's 10-K annual regulatory filing. In the 10-Q filing following the third quarter, Goldman had estimated the loss to be $5.3 billion. "The firm is involved in a number of judicial, regulatory and arbitration proceedings...concerning matters arising in connection with the conduct of the firm's businesses," Goldman stated in its filing. "Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages." The stock. which was still inactive in premarket trade, has tumbled 18% year to date, while the Dow Jones Industrial Average has slipped 5.9%.
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