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Zürcher Kantonalbank reaches agreement with U.S. Department of Justice

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Staff Writer | Wednesday August 15, 2018 7:00AM ET
Zürcher Kantonalbank
Banking   Zürcher Kantonalbank has agreed to a payment of $98.5 million

The U.S. Department of Justice’s has concluded investigation into the Zürcher Kantonalbank’s legacy business with US clients with a Deferred Prosecution Agreement (DPA), pursuant to which it will pay $98.5 million. The agreement will have no negative impact on the bank’s 2018 financial results.


Zürcher Kantonalbank announced that it has reached a settlement with the U.S. Department of Justice (DoJ) in connection with its legacy business with U.S. clients. Pursuant to this settlement, the bank has agreed to a payment of $98.5 million.

The bank expects that one current and one now retired employee, who were indicted in 2012 in connection with the U.S. tax matter, will soon also be able to conclude their legal cases.

Zürcher Kantonalbank’s payment to the US authorities will have no negative impact on the bank’s 2018 financial results, its capital strength, or on the distribution of profits to the canton and municipalities.

 

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