Julius Baer Likely Next To Settle U.S. Tax Allegations

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www.mondaq.com — During a meeting with shareholders on April 15, Daniel Sauter, Chairman of Julius Baer Group Ltd., said the bank was at “an advanced stage of talks” with U.S. authorities.

The U.S. Department of Justice has been investigating Julius Baer and about a dozen other Swiss banks over allegations that the banks aided Americans in evading U.S. taxes. These investigations have led to several high-profile settlements, including UBS AG’s agreement to pay $780 million in 2009 and Credit Suisse Group AG’s payment of a $2.6 billion fine in May 2014.

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