C Suisse said close to guilty plea and $2.5bn payout over tax evasion

Gavel

Credit Suisse is close to reaching an agreement to plead guilty and pay about $2.5bn to the U.S. Justice Department and regulators to resolve investigations into whether it helped Americans evade taxes, three people familiar with the matter said.

Bloomberg News reports that the bank would pay about $1.7bn to the Justice Department, at least $600m to the New York Department of Financial Services and $100m to the Federal Reserve, said two of the people, who asked not to be identified because the matter isn’t public. The proposed accord could be announced as early as next week, the people said.

'That seems higher than what everybody was anticipating', said William Sharp, an American tax lawyer who splits his time between Switzerland and the U.S. 'It’s mutually beneficial for both the bank and the U.S. government to put this dispute behind them. It’s been dragging on for many years, and frankly could drag on for several more years'.

To access the complete Bloomberg article hit the link below:

Credit Suisse Said Close to Guilty Plea, $2.5 Billion Accord With U.S.

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