The German authorities and Julius Baer have agreed on a one-time payment by the bank of EUR 50 million in order to end the investigations against Baer and unknown employees over undeclared assets of people subject to German tax.
The investigations were sparked by voluntary self-disclosures by German clients and, as the media reported last year by data acquired and collected by the German authorities.
The settlement was aimed at avoiding "lengthy and for both sides cumbersome legal proceedings," Baer said, in a statement.
The bank, free from the allegations, can now continue fully to c...
Baer agrees EUR 50 million payment to end German tax probe
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