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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.
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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