Two more Swiss banks settle with US over tax

Washington - Two more Swiss banks, Rothschild Bank AG and Banca Credinvest SA, have settled with US authorities over tax offenses under a voluntary program to avoid prosecution, the Justice Department said on Wednesday.

Zurich-based Rothschild Bank AG will pay $11.51m and Banca Credinvest SA $3m to resolve allegations that they helped Americans evade taxes, the department said.

Seven other banks have already settled with the Justice Department and dozens more are expected to do so this year.