Goldman to stop trading "huddles," pay $10 million

Reuters

NEW YORK (Reuters) - Goldman Sachs Group Inc <GS.N> will pay a $10 million civil fine and stop giving favored clients trading ideas developed at "huddles," according to Massachusetts Secretary of the Commonwealth William Galvin.

According to a consent order dated Thursday, Goldman research analysts would contact "priority" clients to talk about topics discussed at sector team meetings known as huddles, including ideas about potential short-term trades.

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Goldman did not admit wrongdoing in agreeing to settle.

(Reporting by Jonathan Stempel; Editing by Lisa Von Ahn)