When a Swiss Bank (Wegelin) Is on the Run

[WSJ Law Blog]

Wegelin, Switzerland’s oldest bank, is still on the loose, and failed to send a representative to U.S. Federal court Wednesday afternoon and answer to charges that it actively helped U.S. citizens hide $1.2 billion in foreign bank accounts to avoid paying taxes.



Assistant U.S. Attorney Daniel Levy told judge Jed Rakoff that Swiss authorities officially served the indictment to an individual affiliated with the bank, but that Wegelin is contesting the action under Swiss law.

Judge Rakoff said he was “concerned” that the bank didn’t show up, because it “shows a disrespect for the process of the American justice,” and added that he thought that would be concerning “not only the U.S. government, but also to the people that constitute the Swiss government,” Judge Rakoff said.

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