The Zürcher Kantonalbank (ZKB) has agreed to pay the United States Department of Justice (DOJ) $98.5 million (CHF97.7 million) to resolve a long-running investigation into its role in tax evasion by wealthy Americans using undeclared Swiss bank accounts. The ZKB said in statement on Monday evening that it had agreed to pay $98.5 million as part of a Deferred Prosecution Agreement after concluding “the DOJ’s investigation into the bank’s legacy business with US clients”. “We are relieved that after seven years, we were able to conclude the investigation following an objective dialogue with the US authorities. The solution that has now been reached marks the end of this matter and removes any related uncertainties,” said Jörg Müller-Ganz, Chairman of the Board of Directors. Reuters reported that in a court hearing in Manhattan on Monday, a US prosecutor confirmed that ZKB had agreed to pay the fine and said charges against the bank would not be pursued under the Deferred ...
