Zurich's Oldest Bank Seeks Settlement with Department of Justice

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Bloomberg is reporting that Rahn & Bodmer Co., the Swiss private bank established by silk traders in 1750, announced that it is cooperating with a U.S. Department of Justice probe into cross-border accounts of American clients.

Rahn & Bodmer is classified as a “Category 1” Swiss bank and is therefore ineligible for the Department of Justice’s historic non-prosecution program. The private bank has about 12.4 billion Swiss francs ($13 billion) under management. The bank asserts that it stopped accepting undeclared U.S. assets five years ago but declines to provide details on amount of U.S. client funds that it holds.

 

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