US Brokers Deal With Switzerland On Tax-Haven Banks

Law360, Los Angeles (August 29, 2013, 9:08 PM EDT) -- Swiss banks that have allegedly served as tax havens for wealthy Americans may pay a percentage of American funds in their accounts to avoid prosecution, according to a deal struck between the banks and the U.S. Department of Justice on Thursday.

Banks that aren’t already under investigation by the U.S. government will pay up to 50 percent of the amount of funds held in the accounts of American customers, according to the deal. The DOJ and the Swiss Federal Department of Finance expect the agreement to...
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