December 31, 2015 / 4:46 PM / 4 years ago

Lombard Odier to pay nearly $100 mln to resolve U.S. tax dispute

ZURICH, Dec 31 (Reuters) - Swiss private bank Lombard Odier said it would pay $99.8 million under a non-prosecution agreement with United States authorities to settle an investigation into allegations it helped wealthy American clients evade taxes.

“This amount has been entirely provisioned and does not affect the capital ratios of the group or of the bank, which remains among the world’s best-capitalised banks,” Lombard Odier said in a statement on Thursday, hours before the year ends.

Earlier this week, Julius Baer said it had reached an agreement in principle with U.S. authorities and set aside nearly $200 million in additional provisions to settle a similar investigation, bringing the total amount earmarked for potential penalties to $547.25 million. (Reporting by Silke Koltrowitz and Stephanie Nebehay)

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