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Zürcher Kantonalbank agrees to pay €5.7M in tax evasion case

Zürcher Kantonalbank agreed to pay €5.7 million as part of a settlement with Germany's justice authorities relating to German clients of the lender who had evaded taxes.

In settling, the German authorities acknowledged positive measures the bank took in 2009 to revamp its private banking business, it said in its Dec. 27 statement.