The U.S. Department of Labor on Thursday said it granted Credit Suisse an exemption from certain restrictions stemming from its guilty plea to helping Americans evade taxes, effectively allowing the bank to continue to manage $2bn in U.S. retirement money.
Reuters reports that the bank can keep managing U.S. pension plans and individual retirement accounts as a Qualified Professional Asset Manager through November 20, 2019, five years from the November 2014 guilty plea, according to the decision. Credit Suisse had received a temporary waiver beforehand.
The department granted the exemption after a review that included a rare January hearing where consumer advocates and others pressed regulators not to rubber-stamp requests by banks that break the law but want to continue certain business lines.
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