Fraud-Convicted Bank Scores Rare US Transaction Pass
Published Date: 8/12/2025
Notice
Summary
Northern Trust and its affiliates got special permission to keep doing some financial transactions that are usually off-limits because of a past legal issue in France. This means they can keep managing money without interruption, helping their clients without losing time or cash. The change affects Northern Trust’s current and future teams and keeps things running smoothly despite the legal hiccup.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Northern Trust Exemption Keeps Funds Moving
The Department of Labor granted an individual exemption that lets certain entities tied to Northern Trust Fiduciary Services (Guernsey) Limited rely on Prohibited Transaction Class Exemption 84-14 even though NTFS has a conviction in France (French Special Prosecutor No. 1120392066, Investigative Judge No. JIRSIF/11/12). This exemption permits Northern (together with its current and future affiliates, Northern or the Applicant) located in Chicago, IL to continue carrying out transactions that otherwise would be prohibited under ERISA and/or the Internal Revenue Code, allowing management of client funds to continue without interruption.
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