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Julius Baer to pay $547 million to resolve U.S. tax evasion probe

Julius Baer to pay $547 million to resolve U.S. tax evasion probe

Julius Baer Group, Switzerland's third- largest wealth manager, said it expects to pay about $547 million to settle a U.S. investigation into how it helped Americans evade taxes, clearing the way for other Swiss banks to resolve similar criminal probes.

The bank reached an agreement in principle with the U.S. Justice Department, Julius Baer said in a statement on Wednesday, as it earmarked another $197 million beyond the $350 million it set aside in June to resolve the probe. The Zurich- based company expects to conclude the agreement of the four-year investigation in the first quarter.

Chief Executive Officer Boris Collardi had said he wanted to resolve the U.S. probe by...

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