HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300m to avoid going to trial in France for enabling tax fraud, prosecutors said today.
HSBC was accused past year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
The French financial prosecutor's office has dismissed the investigation.
Avery Dennison Corporation (NYSE:AVY) Chairman Sells $463738.00 in Stock
Conning Inc. acquired a new position in shares of Avery Dennison Corporation in the 3rd quarter worth approximately $200,000. KeyCorp reaffirmed a "hold" rating on shares of Avery Dennison Corporation in a research note on Friday, September 22nd.
The deal does not include a guilty plea. The French-Italian dual citizen worked as a computer scientist at HSBC in Geneva and stole the data of some 15,000 clients in 2006 and 2007.
The bank has been investigated in several other countries, including Spain and Belgium, following the leak.
HSBC has admitted that the private Swiss bank made mistakes.
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