PARIS (AP) — French prosecutors said Monday that Credit Suisse has agreed to pay 238 million euros ($234 million) to settle tax fraud allegations, the latest blow for the embattled Swiss bank.
The bank will pay 123 million euros in fines and 115 million in damages and interest to France, whose investigators will close an inquiry launched in 2016 on possible charges of aggravated tax fraud laundering and illegal soliciting, French prosecutor Jean-François Bohnert said in a statement.
French media have reported that Credit Suisse representatives courted wealthy French customers to persuade them to open accounts with the bank that weren’t declared to French tax authorities.
Credit Suisse says it doesn't acknowledge criminal liability in the settlement.
“The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues," the company said in a statement.
It comes just a week after Credit Suisse agreed to pay $495 million in a U.S. settlement over a yearslong dispute tied to mortgage-backed securities, an investment vehicle that played a central role in the 2008 financial crisis.
The settlements are just the latest of a string of woes for Credit Suisse, including bad bets on hedge funds and a spying scandal involving UBS.
A Swiss court fined the bank more than $2 million in June for failing to prevent money laundering linked to a Bulgarian criminal gang more than 15 years ago.
CEO Thomas Gottstein announced in July that he was resigning after 2 1/2 years in the job as the bank posted a net loss of 1.6 billion Swiss francs (about $1.7 billion) in the second quarter.
Before you consider Credit Suisse Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Credit Suisse Group wasn't on the list.
While Credit Suisse Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
