Conflict-of-Interest Issues Being Probed
The Labor Department is investigating possible conflicts of interest in the pension consulting industry, two lawmakers said.
Rep. Edward J. Markey (D-Mass.) said he was pleased that the department was looking into an area already under scrutiny by the Securities and Exchange Commission.
“There is a crisis in the pension marketplace, and sweetheart deals cut by consultants and concealed from pension plans may be contributing to it,” Markey said in a statement.
In a letter Thursday to Markey and Rep. George Miller (D-Martinez), Labor Department officials said a review of documents from the SEC had resulted in several matters being referred for investigation.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
