Goldman estimates $3.4 billion in legal losses

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Goldman estimates $3.4 billion in legal losses

By Aspan and Stempel | Reuters – Tue, 1 Mar, 2011 8:22 AM EST

NEW YORK (Reuters) - Goldman Sachs Group Inc could lose up to $3.4 billion from

lawsuits and other disputes over the securities it sold and underwrote, the

investment bank said in its annual filing with regulators on Tuesday.

The bank called the estimate the upper end of a range of " reasonably possible "

losses from legal proceedings against it. The amounts it has reserved against

such lawsuits " are not significant as compared to the upper end of the range of

reasonably possible loss. "

Separately Goldman Sachs said it had 25 days in 2010 where daily trading net

revenue was negative.

(Reporting by Aspan and Stempel; Editing by Caney)