PKB Privatbank Reaches Agreement With the US Department of Justice
Within the framework of the US program in which it participated voluntarily, PKB Privatbank reached a non-prosecution agreement with the US Department of Justice. PKB Privatbank agreed to pay USD 6.3 million and to further cooperate with US authorities. In return, the US Department of Justice will abstain from criminal prosecution. The penalty amounts to approx. 1.9 percent of the total assets held by PKB Privatbank's US clients.
Bär & Karrer advised PKB Privatbank together with the US law firm Wachtell, Lipton, Rosen & Katz. The team included Eric Stupp and Evelyne Studer.