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Credit Suisse Agrees Settlement With US DoJ

by Ulrika Lomas,, Brussels

21 May 2014

Credit Suisse has reached a comprehensive and final settlement agreement with the US Department of Justice, to resolve the longstanding conflict over alleged US tax law violations by the Swiss bank.

The bank said the settlement includes a guilty plea entered by Credit Suisse's Swiss banking entity, Credit Suisse AG, to one count of conspiracy to assist US customers in presenting false income tax returns to the US Internal Revenue Service. Credit Suisse agreed to a CHF2.51bn (USD2.815bn) fine proposed by US authorities.

The Swiss Federal Council said the agreement concerns Credit Suisse's past conduct, and allows the legal disputes to be resolved without a formal indictment. "It allows Credit Suisse to put the long-standing legal dispute between both parties to rest. What is also particularly important is that there will be no licence withdrawals with this solution and the use of emergency legislation is not an issue," it said.

Brady Dougan, CEO of Credit Suisse, said: "We deeply regret the past misconduct that led to this settlement. The US cross-border matter represented the most significant and longstanding regulatory and litigation issue for Credit Suisse. Having this matter fully resolved is an important step forward for us. We have seen no material impact on our business resulting from the heightened public attention on this issue in the past several weeks."

Credit Suisse stated: "The resolution of this matter was coordinated with its lead global regulators, and Credit Suisse expects no impact on its licenses, nor any material impact on its operational or business capabilities."

TAGS: compliance | tax | business | tax compliance | tax avoidance | law | banking | Switzerland | United States | individual income tax | Tax | Tax Evasion

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