Skip to content
Subscriber Only

Societe Generale Unit Joins Other Banks in U.S. Tax Evasion Pact

A unit of Societe Generale SA based in Switzerland and three other banks agreed to pay a total of $2.2 million in penalties for helping American clients avoid taxes.

The settlement comes under a U.S. program that lets Swiss banks avoid prosecution if they agree to cooperate with prosecutors and disclose their tax-avoidance methods. Other banks are negotiating similar accords.