A Top Swiss Bank Settles a Decade After Secrecy Began to Crumble
Zuercher Kantonalbank headquarters office in Zurich.
Photographer: Michele Limina/BloombergThis article is for subscribers only.
About a decade after Swiss bank secrecy laws started to crumble under the impact of a U.S. investigation, one of the last large lenders still entangled in the matter agreed to settle the dispute.
Zuercher Kantonalbank, Switzerland’s largest publicly-owned regional bank, will pay $98.5 million as part of a deferred prosecution agreement with the Department of Justice to end the investigation into the bank’s former business with U.S. clients.