Swiss Bank to Pay USD $100 million in Order to End US Investigation

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Following court proceedings, Zuercher Kantonalbank (ZKB) has accepted fines close to USD $100 million by the US Department of Justice & Equity in an agreement that no further proceedings will be taken against the lender of any of its employees.

The Swiss bank was found guilty of assisting US clients to reduce their tax burdens using non-moral means of conduct. As a major aspect of the settlement, the US Department of Justice has reduced allegations of criminal wrongdoing against two employees of the bank who facilitated the evasions.