Swiss Life Agrees to $77M Settlement to Government for Criminal Tax Evasion Case
Switzerland's largest insurance company was also working with investigators amid an ongoing investigation, and agreed to take "remedial" measures to ensure future compliance with U.S. tax law, prosecutors said.
Switzerland’s largest insurance company and its three subsidiaries are cooperating with federal investigators to identify thousands of U.S. taxpayers they assisted in hiding more than $1.4 billion from the Internal Revenue Service, the Manhattan U.S. Attorney’s Office announced on Friday.
Prosecutors said that Swiss Life Holding AG entered a deferred prosecution agreement related to one charge of conspiracy to defraud the U.S., and agreed to pay approximately $77.3 million to the U.S. Department of the Treasury. Swiss Life was represented by Wachtell, Lipton, Rosen & Katz.
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