Wegelin & Co., the 270-year-old Swiss bank, pleaded guilty to helping U.S. taxpayers hide more than $1.2 billion from the Internal Revenue Service.

Otto Bruderer, an official at the St. Gallen-based bank, appeared in Manhattan federal court yesterday to enter a plea on the company's behalf to a single count of conspiracy. Wegelin was indicted on Feb. 2, becoming the first Swiss lender charged in a U.S. crackdown on offshore firms suspected of helping Americans evade taxes.

Under a proposed plea agreement, the bank will pay $20 million in restitution to the U.S., forfeit $15.8 million, representing fees on undeclared accounts, and pay a fine of more than $22 million. The agreement requires the court approval. Sentencing is set for March 4.

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