Investor Alert

New York Markets After Hours

Sept. 16, 2020, 1:40 a.m. EDT

Julius Baer says in advanced talks over FIFA issue

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Kim Richters

Julius Baer Gruppe AG said Wednesday that it is in advanced discussions to reach a resolution with the U.S. Department of Justice related to the authority's investigation into the FIFA soccer federation.

The Swiss private-banking group said the DOJ's investigation concerned "alleged money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies," and a possible resolution could lead to the bank paying an amount in double-digit millions of U.S. dollars.

The bank said it had been cooperating with U.S. authority on this matter since 2015.

The news comes after Switzerland's market watchdog Finma criticized the bank in February in connection with money-laundering claims involving FIFA, ordering it to improve its efforts against money laundering.

Also on Wednesday, Julius Baer said it plans to propose the payout of the second part of its 2019 dividend, which it split due to the coronavirus pandemic, at an extraordinary shareholder meeting in early November.

Write to Kim Richters at kim.richters@wsj.com

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.