Swiss Bank Eks Avoids U.S. Tax Prosecution, Discloses Accounts

The Swiss bank Ersparniskasse Schaffhausen AG will pay a $2 million penalty to avoid prosecution under a U.S. program that requires Swiss firms to say how they helped American clients avoid taxes.

EKS is one of 14 banks to have settled with the U.S. Justice Department since March 30, paying combined penalties of about $268 million. More than 100 Swiss firms entered the Justice Department program at the end of 2013.

Under the program, Swiss banks escape charges by laying out details of their cross-border business, as well as sharing information on American accounts.

EKS couldn’t be reached by phone for comment outside regular business hours Friday.