ENNIO LEANZA
The solution achieved includes both the bank and the employees concerned, according to a statement on Monday. The agreement has effect for all federal states in Germany and brings corresponding legal certainty.
Migros Bank is thus one of various banking institutions that has cleared up and closed the past in cross-border business with Germany. For other banks, the dispute became significantly more expensive in some cases.
In the summer of 2014, for example, UBS had bought itself free from proceedings for aiding and abetting tax evasion. The agreement with the Bochum public prosecutor cost the largest Swiss bank around 300 million euros at the time. Credit Suisse also had to pay 150 million and Bank Julius Baer 50 million euros.