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Swiss bank: U.S. tax evasion settlement will cost $547 million

Swiss bank: U.S. tax evasion settlement will cost $547 million

December 30, 2015

Via: CNN

Swiss bank Julius Baer has set aside $547 million after reaching a deal with U.S. authorities to settle accusations it helped U.S. clients avoid taxes.

Baer said it has reached the preliminary agreement with the U.S. Attorney’s Office for the Southern District of New York. The bank expects “a comprehensive resolution” to be finalized with the Department of Justice in the first quarter of 2016.

Representatives from the U.S. Attorney’s office were not immediately available to comment.

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