Zurich Bank Employees Being Probed Over Tax Shelters

Law360, New York (December 20, 2012, 4:53 PM EST) -- Publicly held Swiss bank Zurcher Kantonalbank on Thursday disclosed that two current employees and one former employee have been caught in a U.S. investigation into tax evasion using offshore bank accounts.

The news comes one day after a New York federal grand jury indicted three former Swiss bankers — Stephan Fellmann, Christof Reist and Otto Huppi — who allegedly helped their clients dodge $423 million in U.S. income taxes. The indictment did not name the Swiss bank in question, but all three have worked at Zurcher,...
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