Credit Suisse has agreed to pay almost $2.5 billion to the US authorities and is expected to plead guilty to settle a probe into its alleged complicity in helping Americans to evade US taxes.
Under the terms of the deal, the bank would pay about $1.7 billion to the Justice Department, at least $600 million to the New York Department of Financial Services and $100 million to the Federal Reserve.
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Additionally, the bank would pay about $2 billion to federal authorities, mainly the U.S. Justice Department.
The proposed settlement could come as early as next week.
According to media reports, the US regulators will not take any additional measures that would risk driving Credit Suisse out of business in the US and will not revoke Credit Suisse’s banking license.
Upon completion, the settlement will not end the bank’s legal troubles over tax evasion. The deal will see the Department of Financial Services receiving roughly six times the amount the Fed would collect.
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By GlobalData
