About a decade after Swiss bank secrecy laws started to crumble under the impact of a U.S. investigation, one of the last large lenders still entangled in the matter agreed to settle the dispute.
Bankers, athletes and celebrities are suing Ingenious Media Holdings Plc, saying that they were misled about investments in the film industry that were later branded tax avoidance by the U.K. government.
Another client of Swiss financial adviser Beda Singenberger, whose accidental mailing of a list of his American clients helped federal prosecutors build dozens of tax-evasion cases, has been nabbed by the government.
Goldman Sachs Group Inc. said the U.S. tax reform will cut profit this year by about $5 billion, mainly because of a tax targeting earnings held abroad.
A former Credit Suisse Group AG banker who pleaded guilty to conspiring to help Americans hide income and assets from the Internal Revenue Service is cooperating with U.S. prosecutors in a bid for the sort of leniency her former colleagues received.
The second-largest Swiss wealth manager faces a sweeping tax evasion and money laundering investigation spanning five countries and potentially involving thousands of account holders.
