'Credit Suisse in talks to pay $1.6 bn to resolve US tax probe'

May 06 2014, 03:49 IST
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Credit Suisse Group AG  is in talks with the US Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade US taxes, a person familiar with the matter said on Monday. (AP) Credit Suisse Group AG is in talks with the US Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade US taxes, a person familiar with the matter said on Monday. (AP)
SummaryCredit Suisse Group AG is in talks with the US Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade US taxes, a person familiar with the matter said on Monday.

Credit Suisse Group AG is in talks with the US Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade US 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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