Swiss banking Credit Suisse has urged a US court to delay its impending August sentencing in tax-evasion case to "at least" November in order to safeguard its ability to run pension money.
In a court filing, the bank said it hasn’t yet been able to receive permission from the US Department of Labor to continue to provide services to pension plans in light of its guilty plea.
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Department rules bar asset managers from managing pension plans if they have been convicted of certain crimes, including tax evasion.
At risk is Credit Suisse’s continued management of more than 100 pension plans, worth several billions of dollars of assets, the filing said.
In May this year, the Swiss bank pleaded guilty and was fined US$2.6 billion for helping wealthy Americans hide money in offshore accounts for decades to avoid paying taxes.
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By GlobalData
