Credit Suisse is in talks to pay $1.6 billion to resolve allegations of assisting wealthy clients to avoid paying US taxes
Swiss based bank, Credit Suisse Group AG, 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.
In attempt to address the public backlash against banks being “too big to jail”, prosecutors are also pushing for Credit Suisse to plead criminally guilty in connection with the probe.
A spokesman for Credit Suisse declined comment. The penalty would exceed the 895 million Swiss francs ($1 billion) that Credit Suisse has set aside to pay potential penalties to the United States.