National News

Jan 3, 2013 1:06 PM by AP

Swiss bank to pay $57.8M in US tax evasion plea

BERLIN (AP) - A Swiss bank says it has agreed to pay $57.8 million to settle a court case in which it was charged with conspiring to help American clients hide more than $1.2 billion from the Internal Revenue Service.

Wegelin & Co. said Thursday that under the plea deal accepted by U.S. District Judge Jed Rakoff in New York City, the firm admits to violating American law by operating accounts for U.S. taxpayers between 2002 and 2010.

The bank was accused of helping at least 100 U.S. clients conceal huge sums of money from the federal tax collection agency in overseas accounts.

Wegelin says it agreed to pay $20 million restitution for lost taxes, a $22 million fine and $15.8 million for its estimated profits from the U.S. activities.

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