Swiss Bank Julius Baer to Pay $79.7 Million in FIFA Corruption Settlement

The Swiss bank Julius Baer will pay $79.7 million in a settlement with the U.S. Department of Justice after being implicated in a sprawling corruption probe surrounding FIFA, the world’s football governing body.

Julius Baer’s three-year deferred prosecution agreement on Thursday resolves a money laundering conspiracy charge and calls for the Zurich-based bank to pay a $43.3 million criminal fine and forfeit $36.4 million.

The Justice Department said the forfeiture represents bribes that marketing executives paid football officials in exchange for broadcasting rights to football matches including the World Cup, and which a former Julius Baer banker helped launder.