During a meeting with shareholders on April 15, Daniel Sauter, Chairman of Julius Baer Group Ltd., said the bank was at "an advanced stage of talks" with U.S. authorities.
The U.S. Department of Justice has been investigating Julius Baer and about a dozen other Swiss banks over allegations that the banks aided Americans in evading U.S. taxes. These investigations have led to several high-profile settlements, including UBS AG's agreement to pay $780 million in 2009 and Credit Suisse Group AG's payment of a $2.6 billion fine in May 2014.
Separate from the investigations, more than 100 Swiss banks have entered the DOJ Program for Swiss Banks. The program offered Switzerland-based banks that were not under criminal investigation the opportunity to avoid criminal investigation and prosecution in return for fully disclosing their dealings with U.S. accountholders and paying a penalty, among other conditions.
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