Schroders’s Swiss Bank to Pay $10.4M in Deal With U.S.

Schroders Plc’s Swiss bank will pay a $10.4 million penalty to avoid prosecution under a U.S. program that requires participating firms in Switzerland to say how they helped U.S. clients avoid taxes.

Schroder & Co. Bank AG’s penalty is the fourth highest among 33 banks that have settled with the Justice Department in 2015. The banks have paid a combined $308.9 million to receive nonprosecution agreements.

Schroder, which had 243 U.S.-related accounts totaling $506 million in 2008, disclosed that it may have committed tax-related crimes related to the U.S. accounts, according to the DOJ.

“Swiss banks continue to lift the ...