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Julius Bär bank to pay huge fine in US tax probe

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Julius Bär has set aside $547.25 million for the settlement. Photo: AFP
11:41 CET+01:00
Swiss private bank Julius Bär said on Wednesday it had reached an agreement to settle a US criminal investigation into claims that it helped rich Americans dodge taxes.

"Julius Bär has reached an agreement in principle with the US Attorney's Office for the Southern District of New York with respect to a comprehensive resolution regarding its legacy US cross-border business," said a statement from the Zurich-based bank.

The bank did not specify the sum it would have to pay in fines but said its new provision for the settlement was $547.25 million – significantly higher than the $350 million set aside in June.

"Based on the terms of the agreement in principle, Julius Baer has taken an additional provision of $197.25 million to supplement its preliminary provision of $350 million in June 2015," its statement said.

The settlement must be approved by the US Department of Justice. The bank said it expects this by the first quarter of 2016.

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"Julius Bär remains committed to cooperating proactively with the   DOJ's investigation," the statement said.

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