In a press release the DoJ announced that Swisspartners Group, majority owned by Liechtensteinische Landesbank, agreed to pay $4.4 million to the U.S. to settle the issue around U.S. taxpayers with undeclared assets.

The U.S. government agreed not to prosecute the firm. According to DoJ and Manhatten U.S. Attorney Preet Bharara Swisspartners voluntarily disclosed about 110 U.S. taxpayer clients. Deputy Attorney General James Cole stated the “extraordinary cooperation” that helped to identify tax cheats.

As part of the agreement, the asset management firm will forfeit $3.5 million for fees earned around these client accounts, and $900,000 in restitution.

DoJ Press Release