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UBS Gets Warning, Temporary Nod to Run U.S. Pension Money (1)

Feb. 26, 2019, 9:22 PM

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 Feb. 26 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 ...