Julius Baer Takes $80M Hit In FIFA Corruption Scandal

By Najiyya Budaly (November 9, 2020, 9:54 AM GMT) -- Swiss bank Julius Baer said on Monday that it has set aside $79.7 million to settle allegations by the U.S. Department of Justice that it was involved in corruption linked to the FIFA world soccer federation.

Julius Baer said the agreement in principle resolves a Department of Justice probe into the Swiss bank's role in alleged money laundering and corruption. (AP) Julius Baer said the settlement was part of an agreement with the DOJ to enter into a three-year deferred prosecution agreement. The bank said it would make provisions for the payment in its 2020 financial results.

The agreement in principle...

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