The Wall Street Journal reports that Credit Suisse filed a motion on 08.07.2014 in Virginia asking the court to postpone the sentence due in August following its guilty plea in May. Its management of billions of dollars in pension assets are at risk. The Bank requires an authorization form the Labor Department to stay “Qualified Professional Asset Manager” (QPAM) and continue its operation in the US.
The Labor Department will not be able to provide the permission required for the bank to continue to provide services to pension plans until the beginning of November. It might consider a temporary authorization in the meantime.
If Credit Suisse is sentenced on Aug. 12 without first receiving Labor Department permission, then the Bank will no longer be able to manage finances on behalf of pension funds.