Bank Lombard Odier and DZ Privatbank Settle U.S. Tax Claims

(Bloomberg) -- Bank Lombard Odier & Co and DZ Privatbank (Schweiz) AG agreed to pay a total of $107 million in penalties to avoid prosecution for helping U.S. taxpayers hide money from the government.

The settlements bring to 75 the number of accords Swiss banks reached with the U.S. Justice Department this year. The U.S. is set to collect more than $1.1 billion under the disclosure program that requires firms to say how they helped Americans cheat and where their money went.

Lombard Odier will pay $99.8 million in penalties. DZ Privatbank will pay $7.5 million, the Justice Department said in a statement Thursday.