Transocean subsidiary pleas guilty, will pay $1.4 b for oil spill

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ZURICH, SWITZERLAND – A subsidiary of Transocean, the world’s largest offshore oil rig company, which has been based in Switzerland since 2008, has agreed to plead guilty to one misdemeanor, according to the company, and to pay $1.4 billion to settle its part in the 2010 Deepwater Horizon oil spill in New Orleans. The spill […]

Wegelin pleads guilty to charges of aiding US tax evaders

Switzerland’s oldest bank to pay $58 million fine and close ZURICH, SWITZERLAND – Wegelin & Co. pleaded guilty Thursday 3 January to criminal conspiracy charges in the US, the first bank to do so among a group of Swiss banks under investigation by the US Department of Justice (official DOJ statement 3 January). Switzerland’s oldest […]

US justice boss Holder cleared by internal watchdog

Botched job under Obama-appointed DOJ head not likely to disappear during election run-up GENEVA, SWITZERLAND – Eric Holder, the US attorney general, has been cleared of wrongdoing by an internal Department of Justice (DOJ) watchdog investigation into the “Fast and Furious” undercover operation that put US guns into the hands of drug cartels in Mexico. […]

UBS whistleblower Birkenfeld gets $104 million reward from US gov’t

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ZURICH, SWITZERLAND – Bradley Birkenfeld, released on good behaviour from a US prison 1 August (the Swiss national holiday) after 2.5 years of his 40-month sentence for failing to disclose his part in tax fraud (conspiracy to defraud) crimes, has been awarded $104 million for blowing the whistle on US clients of bank UBS. Birkenfeld’s […]

Raymond Baer quits Julius Baer board as chairman

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Last of the founding Baer family members to end senior role ZURICH, SWITZERLAND – One of Switzerland’s oldest and most successful private banks, Julius Baer, will see the end of direct ties with members of its founding family at the 11 April annual general meeting (AGM). Raymond Baer, 52, said Monday he will not stand […]

Wegelin becomes first bank outside the US to be charged (update)

Swiss media, political reaction won’t comfort Wegelin ZURICH, SWITZERLAND – Wegelin, Switzerland’s oldest private wealth management bank 2 February became the first bank outside the United States to be charged with fraud by the US Department of Justice (DOJ). It has been summoned to appear in a US District Court in Manhattan, New York 10 […]

Eight bankers connected to Credit Suisse now in US Justice Dep’t crosshairs

ZURICH, SWITZERLAND – The US Department of Justice (DOJ) 21 July extended an earlier indictment of four Credit Suisse former and present bankers to eight, for helping wealthy Americans evade US taxes. In a lengthy statement the DOJ notes that: “Markus Walder, former head of North America Offshore Banking at an international bank headquartered in […]

Birkenfeld, man behind US case against UBS, says US did a deal

Jailed banker claims US Dept of Justice hushed investigations into “super-rich and politically powerful” US figures with Swiss bank accounts WRS Birkenfeld audio interview 26 August 2010 Geneva, Switzerland (GenevaLunch) – Bradley Birkenfeld is not taking his imprisonment for conspiring to defraud the US government sitting down quietly. The former UBS private banking manager in […]