Goldman Sachs shares plummet after Reuters exclusive

Reuters reported exclusively that Goldman Sachs Chief Executive Lloyd Blankfein had retained high-profile defense attorney Reid Weingarten as the firm faces intensifying scrutiny from the U.S. Justice Department. The news hit minutes before the market close and sent the firm’s shares plummeting almost 5 percent. The story provided stark insight into the growing litigation risk plaguing the investment bank and its executives. Major news outlets including CNBC, New York Times, Bloomberg and the Wall Street Journal quickly picked up the story, citing Reuters. Goldman Sachs released a statement shortly after, confirming Blankfein and other individuals had hired counsel in connection with the Justice Department’s inquiry.