A line item in today's annual report from Zuercher Kantonalbank brings to a close a decade-long tax dispute with the U.S.
The state-backed lender Zuercher Kantonalbank (ZKB) which reported record profits today was also able to announce an end to a decade-long tax saga with U.S. tax authorities.
In its annual report under the rather mundane entry «changes to provisions and other value adjustments» was an item showing the release of 28 million Swiss francs. Of this, 19 million francs «related to the end of the US tax dispute» in which the bank helped wealthy Americans cheat on their taxes.
In 2018 the bank paid $100 million in 2018, bringing a ten-year legal proceeding to a close. The bank subsequently entered a probationary period which ended last November.
Nearly 100 other Swiss banks reached non-prosecution agreements with U.S. authorities between 2013 and 2014.
