Goldman in talks to settle Justice Department probe into sales of mortgage securities before the financial crisis

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Goldman in talks to settle Justice Department probe into sales of mortgage securities before the financial crisis

Goldman in talks to settle Justice Department probe into sales of mortgage securities before the financial crisis

Crain’s-

Goldman Sachs Group Inc. reported second-quarter earnings that fell 49% from a year earlier on higher legal costs tied to a potential settlement of mortgage-related probes.

Net income dropped to $1.05 billion, or $1.98 a share, from $2.04 billion, or $4.10, a year earlier, the New York-based company said Thursday in a statement. Excluding the legal costs, earnings were $4.75 a share, beating the $3.96 average estimate of 24 analysts in a Bloomberg survey.

Goldman Sachs set aside $1.45 billion for litigation and regulatory proceedings this quarter, about five times more than a year earlier. The firm is in talks to be the latest major bank to settle a Justice Department probe into sales of mortgage securities before the financial crisis.

 [CRAIN’S]

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