Two bankers at Zuercher Kantonalbank are accused of having helped U.S. customers stash away hundred millions of dollars, out of reach of U.S. tax authorities. They plead not guilty.

The two employees of Zuercher Kantonalbank (ZKB), Switzerland's largest cantonal bank, are said to have transferred more than $420 million to offshore accounts, out of reach for U.S. tax authorities. The two bankers are pleading not guilty as charged, according to a report by «AWP» newswire.

The bankers live in Switzerland and yesterday filed their pleas at a court in Manhattan. They volunteered to face the charges which the attorney had raised four years ago, according to Noah Solowiejczky, a deputy attorney. ZKB and the lawyers of the accused didn't comment.

Front Companies, Offshore Accounts

In December of 2012, ZKB confirmed that three bankers accused in the tax dispute with the U.S. had worked for it, one of which had left the bank in the meantime.

The 52- and 58-year-old bankers are accused of having helped customers open undeclared accounts. They used code names and booked the accounts in the name of front companies. They also are said to have made sure that letters from the bank weren't sent to the U.S. addresses of their clients.

Awaiting a Verdict

More than 190 U.S. tax payers conspired to evade paying taxes in their home countries with the help of ZKB from 2003 through 2009, according to the charges.

ZKB still waits for the start of its case in the tax dispute. It faces a hefty fine, much like rival Swiss banks. The Zurich-based institute was put in the category 1, the basket which contained ten banks in total and concerned companies that faced legal proceedings due to the tax offense charges.

Julius Baer in February received a fine of $547.25 million. Basler Kantonalbank and Pictet also still wait for the outcome of their cases.