US Labor Dept to let BNP manage retirement funds after guilty plea

April 14, 2015 4:48 PM

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WASHINGTON, April 14 (Reuters) - The U.S. Labor Department revealed on Tuesday it will allow BNP Paribas SA to continue to manage retirement plans despite its guilty plea last year to criminal charges that it violated U.S. sanctions against countries such as Iran.

In a filing slated to be formally published in the Federal Register on Wednesday, the Labor Department refuted arguments made by the Public Citizen advocacy group, which had asked the deparment to reject the French bank's application in order to help deter future criminal misconduct.

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