Credit Suisse Wins Temporary DOL Waiver to Manage Pension Money
Nov. 14 (Bloomberg) — Credit Suisse Group AG won a temporary waiver from the Labor Department to keep managing U.S. pension assets after pleading guilty to helping Americans evade taxes.
The Labor Department said today in a statement that it will hold a public hearing on Jan. 15 to determine whether the bank should receive a permanent exemption.
The announcement follows a request from House Democrats, who urged greater scrutiny of whether the Zurich-based bank should be granted a special exemption to a provision that disqualifies firms from managing pension assets if they’ve been convicted of a crime.
To contact the reporter on this story: Neil Weinberg in New York at nweinberg2@bloomberg.net
To contact the editor responsible for this story: Joshua Gallu at jgallu@bloomberg.net
