Credit Suisse: Guilty, $2.6 Billion Fine, But Avoids Death in U.S. -- UBS Was Luckier
Swiss bank Credit Suisse pleaded guilty on Monday to federal charges that it illegally allowed some U.S. clients evade their taxes.The guilty plea settles a long-running probe by the Justice Department.
Attorney General Eric Holder said the bank "engaged in an extensive and wide- ranging conspiracy to help U.S. taxpayers evade taxes."
Switzerland’s second-largest bank more than triples the $780 million fine UBS paid over similar charges. But while UBS got off with a deferred prosecution agreement—criminal charges against it were quietly dropped in 2010—Switzerland’s Number 2 bank will carry a felony conviction.Credit Suisse Case Called Warning to Foreign Banks - ABC News
Credit Suisse AG's guilty plea and $2.6 billion payment in a high-profile case brought by the Justice Department are being held out as a warning to foreign banks believed to be helping U.S. taxpayers conceal assets.