US Justice Department Announces Two Banks Reach Resolutions Under Swiss Bank

The Department of Justice has announced that St. Galler Kantonalbank AG (SGKB) and E. Gutzwiller & Cie, Banquiers, have reached resolutions under the department’s Swiss Bank Program.  These banks will collectively pay penalties totaling more than $11 million. “Today’s agreements signify the clear recognition by Swiss financial institutions of the need…