U.S. Said to Offer 11 Swiss Banks Immunity, SonntagsZeitung Says

The U.S. will offer 11 Swiss banks immunity from prosecution over helping clients avoid taxes, SonntagsZeitung reported, citing a person familiar with the matter.

The banks would receive agreements similar to the one signed with UBS AG (UBSN) in return for the payment of a fine, acceptance of U.S. requests for easier legal assistance, and providing American authorities with all of their information about U.S. offshore business, the newspaper said.

The banks have until Dec. 20 to accept the terms in writing, the newspaper reported. The first three will have to provide their correspondence with U.S. clients, documents about their U.S. business and names of their offshore bankers by Dec. 31. A spokesman for Credit Suisse Group AG (CSGN) declined to comment to Bloomberg News today.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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