CS: Credit Suisse Faces $2B Fine for Allegedly Helping Americans Evade Taxes

Deal expected to be reached in days

   

CS: Credit Suisse Faces $2B Fine for Allegedly Helping Americans Evade Taxes

Credit Suisse (CS) may be forced to pay more than $2 billion as U.S. banking regulators continue to probe the Swiss bank for allegedly helping U.S. citizens evade taxes.

CreditSuisse185 CS: Credit Suisse Faces $2B Fine for Allegedly Helping Americans Evade TaxesNew York banking regulators reportedly will be asking for hundreds of millions — with the final bill the Treasury Department to add up to several billion, according to a report by Reuters.

The settlement with the New York State Department of Financial Services would be in addition to the fine that Credit Suisse is discussing with the U.S. Justice Department. Reuters reported last week that the Justice Department is seeking as much as $1.6 billion from the bank.

The talks between Credit Suisse and Benjamin Lawsky, New York’s financial services superintendent, are ongoing, people familiar with the matter said.

Credit Suisse is expected to reach a deal with New York and federal authorities within days.

The bank is primed to move past the probe by the Justice Department, which has alleged it helped thousands of U.S. citizens evade taxes through the bank.

“We are doing everything we can to resolve this matter within the given framework of U.S. and Swiss law, in the best possible way and in a timely manner,” Credit Suisse Chairman Urs Rohner told shareholders last week.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/cs-credit-suisse-faces-2b-fine-allegedly-helping-americans-evade-taxes/.

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