The Biden administration is toughening the rules some of the world’s biggest financial firms rely on to manage US retirement assets.
US Labor Department regulators issued a proposed rule Tuesday that would expand the kinds of misconduct that disqualify qualified professional asset managers, or QPAMs, a legal designation that protects companies sponsoring retirement benefits from conflicted transactions or investments.
The proposal makes clear that foreign felony convictions would render major investment banks such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. ineligible for QPAM protections, reversing a policy the Trump administration had advanced. The proposed rule also details ...
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IBM reached a settlement with the federal government on Friday, agreeing to pay roughly $17 million to resolve allegations of illegal diversity, equity and inclusion practices. Acting Attorney Gen...