The Labor Department's Employee Benefits Security Administration has granted Goldman Sachs a five-year exemption, allowing it to continue overseeing retirement plan assets as a qualified professional asset manager despite the firm's violations of the Foreign Corrupt Practices Act.
In that case, which Goldman settled for $2.9 billion last October, the bank's Malaysian subsidiary admitted that it had paid more than $1 billion in bribes to win work raising money for the Malaysian state-owned wealth fund, 1MDB. In all, Goldman agreed to pay about $5 billion in penalties to regulators around the world, including the largest monetary penalty ever assessed under U.S. corporate criminal bribery law.
“This exemption provides only the relief specified in the text of the exemption, and only with respect to the criminal convictions or criminal conduct described herein,” EBSA said in a notice in the Federal Register. “It provides no relief from violations of any law other the prohibited transaction provisions of ERISA and the Code.”
Large and mega plans show strongest appetite, but fee confusion persists.
Many people are taking a dangerous gamble with their financial future, new study warns.
Britt is named CFO of Wipfli, a $600 million accounting firm that audits two NFL franchises
The acquisition pairs Zephyr's 21,000-product separately managed account database with YCharts' newly launched AI agent assistant for investment research.
The war for talent continues in the Sunshine State with as Truist and RayJay teams managing a collective $1 billion in client assets defect to other firms.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
