12 Aug 2025

⚖️Exemption Notice for Northern Trust Under ERISA Prohibited Transactions

Exemption for Certain Prohibited Transactions Involving Northern Trust Corporation (Together With Its Current and Future Affiliates, Northern or the Applicant) Located in Chicago, IL

Summary

This document provides notice of an individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA) and/or the Internal Revenue Code of 1986 (the Code). The exemption permits certain entities with specified relationships to Northern Trust Fiduciary Services (Guernsey) Limited (NTFS) (hereinafter, the Northern QPAMs, as further defined in Section I(e) of the operative language) to rely on the exemptive relief provided by Prohibited Transaction Class Exemption 84-14 (PTE 84-14 or the QPAM Exemption), notwithstanding the judgment of conviction (the Conviction) against NTFS for aiding and abetting tax fraud entered in France in the Paris Court of Appeal, French Special Prosecutor No. 1120392066, French Investigative Judge No. JIRSIF/11/12.

Agencies

  • Labor Department
  • Employee Benefits Security Administration

Business Impact ?

$$$ - High

The document outlines an exemption from prohibited transaction restrictions under ERISA for Northern Trust Corporation, allowing certain plans to continue using its asset management services despite a recent conviction for aiding tax fraud. This has significant implications for compliance, fiduciary duties, and financial management strategies for affected businesses.

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