The U.S. Department of Labor has given UBS (UBS) a waiver that it needs to continue managing U.S. retirement plans after a paperwork error had put the $11B of assets the Swiss bank oversees at risk, Reuters’ Stefania Spezzati and Ariane Luthi report, citing documents. Following a five-month review, the department said that the lender can now rely on its status of qualified professional asset manager in the U.S. until June 2029, the authors note.
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