The Battle For Swiss Banking Traditions

Law360, New York (March 1, 2012, 1:07 PM EST) -- The oldest Swiss bank, Wegelin & Co., is now under direct fire from U.S. prosecutors for aiding and abetting in U.S. tax evasion. In January, because of the threat of a looming U.S. indictment, Wegelin engineered a split of the bank, selling most of its business and sending most of its employees and clients to Notenstein Privatbank. It retained its problematic U.S. customer accounts and prepared to face the oncoming storm.

On Feb. 2, 2012, Wegelin became the first overseas bank to be named as a...
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