UBS is reportedly preparing to pay hundreds of millions of dollars to resolve allegations that Credit Suisse violated a prior agreement with the U.S. Department of Justice regarding U.S.-based customers who evaded taxes, according to the Wall Street Journal.
In 2023, the U.S. Senate Finance Committee found that Credit Suisse, now owned by UBS, breached its 2014 plea agreement with U.S. authorities by continuing to assist ultra-wealthy Americans in tax evasion and concealment of more than $700 million from the government. The committee recommended that UBS or the Swiss government should assume responsibility for penalties stemming from the violations.
Credit Suisse admitted to facilitating tax evasion for American customers in a conspiracy that spanned several decades. The investment bank agreed to pay a $2.5 billion fine.
Sources
Reuters. (2025, January 9). UBS nears settlement over Credit Suisse tax evasion case: WSJ reports. Retrieved from https://www.reuters.com/business/finance/ubs-nears-settlement-over-credit-suisse-tax-evasion-case-wsj-reports-2025-01-09/
Money US News. (2025, January 9). UBS nears settlement over Credit Suisse tax evasion case: Report. Retrieved from https://money.usnews.com/investing/news/articles/2025-01-09/ubs-nears-settlement-over-credit-suisse-tax-evasion-case-wsj-reports
Wall Street Journal. (2025). UBS close to large settlement over Credit Suisse tax case. Retrieved from https://www.wsj.com/finance/regulation/ubs-close-to-large-settlement-over-credit-suisse-tax-case-078f307e
Investopedia. (2025). UBS nears settlement over Credit Suisse tax evasion: Report says. Retrieved from https://www.investopedia.com/ubs-nears-settlement-over-credit-suisse-tax-evasion-report-says-8771660
