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Goldman Can Keep Managing Retirement Funds in Wake of 1MDB (2)

May 27, 2021, 1:50 PMUpdated: May 28, 2021, 4:15 PM

Goldman Sachs Group Inc. has been granted a U.S. Department of Labor exemption to continue managing U.S. retirement assets in anticipation of its resolution with the federal government of its involvement in the Malaysian 1MDB bribery scandal.

The agency granted Goldman a five-year individual qualified professional asset manager exemption—a term half as long as the bank had sought.

The DOL go-ahead Thursday will allow Goldman and its affiliates to continue managing clients’ 401(k) and pension funds in the U.S., despite the bank’s involvement in underwriting billions of dollars in bonds that were siphoned from a Malaysian economic development fund to ...