By Mauro Orru
Julius Baer Gruppe AG said Monday that it has reached an agreement in principle with the U.S. Justice Department to settle a probe into its role in corruption events concerning world soccer federation FIFA.
The Swiss private-banking group said that it is entering into a three-year deferred prosecution agreement as part of the deal which includes a financial component, with the company taking a $79.7 million provision to be reflected in 2020 results.
The U.S. Justice Department has been investigating alleged money laundering and corruption involving officials and affiliates of FIFA as well as associated sports media and marketing companies.
"The related regulatory proceeding in Switzerland was closed in February 2020, and the shortcomings identified are being remediated by Julius Baer through a comprehensive program initiated in 2016," Julius Baer said.
A final resolution is expected shortly, the company said.
Write to Mauro Orru at firstname.lastname@example.org; @MauroOrru94