Zurich's Oldest Bank Seeks Settlement with Department of Justice

more+
less-

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.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© BakerHostetler | Attorney Advertising

Written by:

more+
less-

BakerHostetler on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×