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Litigation Tax White Collar Crime

Swiss Bank Pays for Helping U.S. Clients Evade Taxes

Here’s a sure way to lose half your cooperation credit in a federal investigation: Let your in-house counsel advise employees not to cooperate with U.S. prosecutors.

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Here’s a sure way to lose half your cooperation credit in a federal investigation: Let your in-house counsel advise employees not to cooperate with U.S. prosecutors. That’s what Swiss government-owned Zürcher Kantonalbank did, and now it owes the United States $98.5 million in restitution, forfeiture and fines. The Zurich-area institution is the largest canton (township) bank and the fourth largest bank in Switzerland.

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