Obligations fulfilled: the U.S. terminates the Deferred Prosecution Agreement with the bank

Media release from 16 November 2021

In August 2018, Zürcher Kantonalbank entered into a Deferred Prosecution Agreement (DPA) with the United States Department of Justice regarding the bank’s former business with U.S. clients. The federal Attorney’s Office for the Southern District of New York has now determined that the bank has fully complied with its obligations under the DPA for the past three years, and therefore filed a motion to dismiss the indictment in court.

The competent court in New York has granted this request. This formally dismisses the charges against Zürcher Kantonalbank and terminates the DPA.

“Over the last three years we have worked closely with the authorities, and are in compliance with all regulatory and legal requirements. We are therefore delighted with this decision,” said Martin Scholl, CEO of Zürcher Kantonalbank.