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He added that there would also be settlement pressure on the plaintiffs' lawyer leading the class action, Stanley Rosenblatt of Miami.
Specifically, if clients in arbitration with claims totaling more than $5 million or clients in a class action with combined claims totally $10 million said no, there would be no settlement, according to the people familiar with the terms of settlement.
The vice president said "an important focus of conversations" would be the settlement process.
He convincingly reached out to the victims, vowing that his first priority would be the settlement of their claims.
In the past, Mr. Harvis added, "I think it was a foregone conclusion that there would be a settlement of virtually every case".
"If approved by the court, this settlement would be the largest settlement with a single entity in American history," Attorney General Loretta Lynch said in a written statement.
US prosecutors are chasing more than a dozen other Swiss banks for allegedly helping wealthy Americans dodge US taxes, and at the press conference, they hinted that there would be more settlements to come.
They spent the previous summer in what they thought would be temporary settlements in Kurel Kaya.
In the would-be settlement, the company promised to inform users explicitly that their "likes" could be used as endorsements for a brand or page, and that they could opt out.
This deal, if approved, would be the largest settlement to date.
U.S. Secretary of Defense Donald Rumsfeld declared there would be no negotiated settlement.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com