(AWP) Die Swiss Life (SLHN 459.50 + 0.83%) A long-term legal dispute can be concluded with the US authorities. On Friday, a New York district court announced that the insurance company had agreed to pay $ 77.4 million to delay the prosecution of criminal misconduct.
The agreement affects Swiss Life Holding and its three subsidiaries in Liechtenstein, Singapore and Luxembourg.
The insurer had already announced in March that the investigation by Judicial Authorities (DoJ), which had been underway in the US for years, should end soon. This includes financial products, so-called universal insurance, that are linked to tax offenses.
For this reason, Swiss Life has allocated funds of 70 million Swiss francs in its annual financial statements for 2020. In April, CEO Patrick Frost confirmed earlier statements that the agreement could be slightly more expensive.
Swiss Life made a brief statement on this issue Friday evening. The group indicated the provisions that had been put in place and announced that the agreement with the US authorities was called a “deferred trial agreement” (DPA) for a period of three years. They will now ensure that the agreement is implemented.
District court accuses Swiss Life of collaborating with US taxpayers and withholding over $ 1.4 billion in funds from tax authorities.