UBS nears settlement over Credit Suisse tax evasion case, WSJ reports
UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse’s violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday.
A settlement could come as soon as this week, WSJ reported, citing people familiar with the matter.
UBS and the DOJ did not immediately respond to a request for comment.
A U.S. Senate Finance Committee in 2023 found that Credit Suisse violated the plea deal made in 2014 with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government.
The committee said that UBS or the Swiss government should assume responsibility for any future fines.
UBS-owned Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades.
(Reporting by Chandni Shah in Bengaluru; Editing by Andrea Ricci)