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DOL Finds Citigroup's Racial Equity Program Unlawful, Rescinds Previous Opinion
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[Guidance Overview] July 23, 2025 "The [DOL] has issued an advisory opinion rescinding its 2023 approval of Citigroup Inc.'s Diverse Asset Manager Program, through which the bank commits to pay all or part of the fees of diverse asset managers for [ERISA] benefits plans it sponsors.... EBSA also stated that Citi's claim that its racial equity program may benefit the company because certain stakeholders might look favorably upon it is not a justification for violating the law." MORE >> |
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