C Suisse to face hearing over retirement funds management

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Credit Suisse will face a public hearing over whether or not the U.S. government should allow the bank to manage Americans' retirement funds after its decision to plead guilty to tax crimes.

Reuters reports that the U.S. Department of Labor on Friday solicited public input for a January 15 hearing on whether to issue its recommended 10-year exemption for Credit Suisse to continue to provide services to pension plans.

The bank faced the prospect of being disqualified from offering such services after it entered a guilty plea in May and agreed to pay $2.6bn to resolve charges that it helped wealthy Americans evade taxes.

In July, Credit Suisse had asked the court to delay imposing its sentence on the bank so that it could obtain a Labor Department waiver and avoid disruptions in its pension business.

To access the complete Reuters article hit the link below:

After plea deal, Credit Suisse faces U.S. hearing on pension business

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