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Julius Baer eyes DOJ payment in FIFA matter, plans dividend

Julius Baer may pay tens of millions of dollars to settle U.S. allegations over its role in soccer body FIFA’s corruption affair, the Swiss bank said on Wednesday, adding it will ask shareholders in November to a back a second 2019 dividend tranche. Baer is in what it described as “advanced

Logo is seen at the headquarters of Swiss private bank Julius Baer in Zurich

ZURICH (Reuters) – Julius Baer may pay tens of millions of dollars to settle U.S. allegations over its role in soccer body FIFA’s corruption affair, the Swiss bank said on Wednesday, adding it will ask shareholders in November to a back a second 2019 dividend tranche.

Baer is in what it described as “advanced” talks with the U.S. Department of Justice (DOJ) over the FIFA scandal, a holdover from the era of former Chief Executive Boris Collardi, who is now at Pictet, that has kept its lawyers busy for years.

Baer this year was reprimanded by Switzerland’s financial supervisor FINMA for ignoring money laundering risks of FIFA-linked payments, while an ex-banker was convicted in 2017 in U.S. District Court of conspiracy charges for arranging payments from a sports marketing executive…

Reuters

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