Economy

xchrom

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8. Credit Suisse nears $2.5 billion settlement to end tax-evasion probe - Sources

Fri May 16, 2014, 06:52 AM

May 2014

http://uk.reuters.com/article/2014/05/15/uk-creditsuisse-investigation-idUKKBN0DV1U820140515

(Reuters) - Credit Suisse Group AG CSGN.VX is expected to plead guilty and pay more than $2.5 billion (1.48 billion pounds) to U.S. authorities to resolve charges that the Swiss bank helped Americans evade U.S. taxes, people familiar with the discussions said on Thursday.

Under the terms being discussed, about $2 billion would go to federal authorities, mainly the U.S. Justice Department. About $100 million would go to the Federal Reserve, the people said.

The New York bank regulator, the Department of Financial Services, could get an additional $500 million or more, but those talks are ongoing, one of the sources said.

Credit Suisse might be willing to pay a bit more than $2.5 billion in total, though the bank is worried if it goes much higher than that figure, it could undermine its credit rating, a second source said.

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