Conflict-of-Interest Issues Being Probed
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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.
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