Deacon Greg has the story.
The Vatican has suspended Bishop Franz-Peter Tebartz-van Elst, the so-called “Bishop of Bling.” This action is less than the calls from at least some quarters in the German public to dismiss the bishop, and it is more than the nothing which many people expected.
Rather than make a public statement about the bishop’s guilt or innocence, the Vatican confined itself to saying simply that “A situation has been created in which the bishop can no longer exercise his episcopal duties.”
From what I’ve read, that is an accurate assessment of the situation.
To read more, check out The Deacon’s Bench.