Source: Credit Suisse To Pay $1.6B In US Tax Probe
International Business Times
Published May 05, 2014 05:51PM ET
Source: Credit Suisse To Pay $1.6B In US Tax Probe
By Reuters - Credit Suisse Group AG (VTX:CSGN) is in talks with the U.S. Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade U.S. taxes, a person familiar with the matter said on Monday.
The penalty could be roughly twice the amount paid by UBS AG, which settled similar charges in 2009 for $780 million and agreed to identify its customers.
Prosecutors have also been pushing for Credit Suisse to plead guilty in connection with the probe, two people with knowledge of the talks said.
The settlement talks are ongoing, and the details are still being finalized. An agreement could come in the next few weeks, the sources said.
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Written By: International Business Times
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