WASHINGTON–European bank Credit Suisse's guilty plea to helping wealthy Americans avoid paying taxes has been formalised by a federal judge.
US District Chief Judge Rebecca Beach Smith in Norfolk, Virginia entered orders requiring Credit Suisse AG to pay US$2.6 billion in fines and restitution to the US government and regulators. Credit Suisse, Switzerland's second-largest bank, pleaded guilty in May in a settlement with the Justice Department to using secret offshore accounts to help Americans skirt their tax obligations.
The Justice Department said it was the largest penalty imposed in a US criminal tax case. Officials said the bank's misconduct spanned decades and included failing to co-operate with investigators.The settlement resolved a years-long investigation into allegations that Credit Suisse recruited US clients to open Swiss accounts.
AP