Swiss Bank Resolution Program Nets Four
The Department of Justice reached resolution with four Swiss Banks (Luzerner Kantonalbank AG, Habib Bank AG Zurich, Banque Heritage S.A. and Hyposwiss Private Bank Genève S.A.) under the department’s Swiss Bank Program. Penalties announced totaled over $25 million and require continue cooperation with the DOJ. The 2013 program provides a path for Swiss banks to resolve potential criminal liabilities in the United States if they weren't then under criminal investigation related to their Swiss-banking activities. [10/30/15]
