DOJ Looking Into Wealth Management Biz At Swiss Bank

Law360, New York (November 26, 2012, 3:32 PM EST) -- Pictet & Cie is under investigation by the U.S. Department of Justice over its wealth management business as it relates to its U.S. clients, the Swiss bank said on Sunday, as the DOJ continues to examine the use of foreign banks as a way to dodge U.S. taxes.

U.S. authorities have made a “general inquiry” into the Geneva-based financial institution’s wealth management division, Pictet said in a statement.

“As is the case wherever we operate, Pictet has made it a priority to ensure that its business...
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