This isn't the first time UBS has had to seek permission to keep managing money for U.S. retirees. The Swiss institution was one of several U.S. and foreign banks that were forced to apply for similar waivers following convictions in 2016.(Photo: Bloomberg)
(Bloomberg) –The U.S. Labor Department is granting UBS Group AG permission to continue managing U.S. pensions unhindered for one year despite a new criminal conviction in France, while cautioning the Swiss banking giant that a future conviction anywhere in the world could jeopardize that status.
The regulator issued its warning Tuesday after a French court convicted UBS this month of helping French citizens stash funds in undeclared Swiss accounts. The court ordered the bank to pay more than 4.5 billion euros ($5.12 billion).
Like all parties that manage pensions overseen by the Labor Department, UBS must obtain a waiver to continue those operations uninterrupted after certain criminal convictions, regardless of where they occur. UBS oversees $11.5 billion in U.S. pensions as part of $781 billion in assets under management globally, according to the bank.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.