Zurich Based Private Bank Reaches Agreement With the US Department of Justice

Within the framework of the US program in which it participated voluntarily, a Zurich based private bank was the third Swiss bank to reach a non-prosecution agreement with the US Department of Justice. The bank agreed to pay USD 5.4 million and to further cooperate with US authorities. In return, the US Department of Justice will abstain from criminal prosecution. The fine amounts to 2.2 percent of the total assets held by the bank's US clients.

Bär & Karrer advised the bank together with the US law firm Caplin & Drysdale. The team included Eric Stupp, Désirée Schreyer and Evelyne Studer.