The list of Swiss banks left to settle with U.S. prosecutors is down to four after LLB's now-defunct Swiss bank ponied up $10.7 million as part of a deal.
The Vaduz-based bank will pay $10.7 million to make amends for offering wealthy Americans offshore accounts, it said in a statement. LLB, which shut down its Swiss bank in 2013, joins more than 80 banks which have done so.
The move leaves just four Swiss banks – including HSBC in Switzerland as well as Geneva's Pictet – to settle with U.S. prosecutors in a government-brokered scheme. LLB, which owns Swiss retail lender Linth as well as a funds arm in Switzerland, said the fine wouldn't affect profits because it had stowed provisions.
The program to settlem was an offshoot of a criminal probe against more than a dozen Swiss firms, beginning with UBS in 2009. A raft of banks including Credit Suisse and Julius Baer have settled those probes, some like Wegelin and Bank Frey were put out of business because of it. All told, the tax crackdown has reaped more than $10 billion for U.S. prosecutors.
