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Latest Business News: Swiss Propose New Banks Deal

Wochit 0:56 mins

Switzerland's cabinet agreed to a new plan for resolving disputes between the country's banks and U.S. authorities cracking down on offshore tax evasion, raising hopes the long-running dispute could be drawing to a close. Bank of New York Mellon Corp officers and directors won the dismissal of a shareholder lawsuit accusing them of shirking their duties by letting the bank overcharge clients for trading currencies. The number of lenders participating in an $8 billion loan to Alibaba Group Holding in advance of its much-anticipated initial public offering has grown to 22. The large number ? well above the 10 that?s common in Asia on loans of more than $5 billion ? shows the continued high interest in the company, which is expected to raise tens of billions of dollars in its IPO.

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