Davis Polk & Wardwell LLP

07/19/2018 | News release | Distributed by Public on 07/19/2018 15:39

Davis Polk Represents NPB Neue Privat Bank AG in Its Non-Prosecution Agreement with the Department of Justice Regarding Servicing of Accounts for U.S. Taxpayers

Davis Polk represented NPB Neue Privat Bank AG ('NPB') in connection with the only non-prosecution agreement for a Category 1 Swiss Bank under the U.S. Department of Justice's ('DOJ') Swiss bank program. The non-prosecution agreement relates to NPB's servicing of U.S. taxpayer clients between 2008 and 2012.

The non-prosecution agreement, announced on July 18, 2018, resolves the investigation without criminal charges. Under the resolution, NPB will pay a monetary penalty of $5 million, the smallest penalty of any Category 1 Bank.

NPB is a privately owned bank based in Zurich. It provides private banking and asset management services to individual and institutional clients.

The Davis Polk team includes partner Martine M. Beamon and associates Matthew Weinberg, Tina Hwa Joe, Tyson Dean Kennedy and Clara Y. Kim. All members of the Davis Polk team are based in the New York office.

Bar & Karrer AG, led by partner Eric Stupp, acted as Swiss counsel for NPB in connection with the DOJ investigation.