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...Switzerland, news of the settlement was greeted with relief. "The out-of-court agreement avoids a prolonged legal battle that would have had an uncertain outcome, and the solution found conforms entirely with prevailing Swiss law," the Swiss Banking Association (SBA), a trade organization for Switzerland's financial institutions, said in a statement. "This is of crucial importance because international clients rely very much on the predictability and stability of the Swiss legal system." (See the top 10 scared traders...
...which escaped a potentially lengthy legal battle in the U.S. and the possibility of a hefty fine, there is a determination to restore investor confidence. "We will comply with every law in every country where we operate," spokesman Serge Steiner told TIME. "And we are committed to winning back clients' trust by being profitable and providing excellent service." (Read "The Scandal of Secret Swiss Bank Accounts...
...raise capital has been restored - also expressed its satisfaction with the settlement. "We have managed to avoid a conflict between the sovereignty of two states," Swiss Justice Minister Eveline Widmer-Schlumpf told the press, while Finance Minister Hans-Rudolf Merz urged the country's banks to respect the law. "It's the least they can do," he said...
...clients, says Stéphane Garelli, a professor of world competitiveness at the Institute of Management Development in Lausanne. "There is no doubt that this is the beginning for Swiss banks, because they now have to rely more on the professionalism and services than on some specificity of Swiss law, such as the banking secrecy," he says. "Now it is time to turn the page and to focus on rebuilding the reputation of the Swiss banks...
...least it is until winter, when the cobblestones turn into narrow, icy, ankle-twisting paths). Cross streets aggressively and stare down disgruntled motorists—they’re required to stop for pedestrians in cross walks. In under five minutes, you can get from the Yard to the Law School and Hemenway Gym. Just go north, behind the Science Center, and voila. The Business School is about 20 minutes away, south of the Yard and just across the Charles. In the unfortunate event that you need to rush to University Health Services emergency room, it’s accessible...