U.S. Department of Justice building in Washington, D.C. Photo credit: Diego Radzinschi/ALM
Attorneys at Zürcher Kantonalbank, the fourth-largest bank in Switzerland, found a way to make an already challenging federal investigation even more adversarial.
August 14, 2018 at 05:08 PM
1 minute read
senior reporter
Here’s a sure way to lose half your cooperation credit in a federal investigation: Let your in-house counsel advise employees not to cooperate with U.S. prosecutors.
That’s what Swiss government-owned Zürcher Kantonalbank did, and now it owes the United States $98.5 million in restitution, forfeiture and fines. The Zurich-area institution is the largest canton (township) bank and the fourth-largest bank in Switzerland.
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