Benjamin Lawsky, New York's financial services superintendent, has sought documents from Credit Suisse to examine whether the bank lied to New York authorities about engineering tax shelters, said a source familiar with the matter.
Reuters reports that Switzerland's private banking model has been rattled to its core by a U.S. crackdown on tax evasion. Credit Suisse was told by the U.S. Department of Justice (DoJ) it was under investigation in 2011, while rival UBS admitted to helping U.S. taxpayers evade taxes.
While the DoJ has considered a deferred-prosecution agreement that would suspend any indictment in exchange for a large cash penalty, it is also pushing for a guilty plea from a Credit Suisse subsidiary, according to a New York Times report on Sunday.
The cash penalty is expected to be more than the $780m fine UBS paid in 2009, the newspaper said.
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