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Credit Suisse To Pay $10 Million-Plus For Each Year It’s (Still Allegedly For Now) Helped Americans Evade TaxesBy Jon Shazar
Multiply that by the 80 years since Switzerland passed its Banking Law of 1934, and you’ve got your settlement.
Talks between Credit Suisse Group AG and U.S. authorities on settling allegations the Swiss bank helped Americans evade taxes have intensified, and a settlement of more than $800 million could be struck in the first half of the year, people familiar with the situation said.
If the deal goes through, it would represent the biggest fine in the U.S. government’s crackdown on offshore tax evasion in Switzerland….
Credit Suisse is one of about a dozen Swiss banks that are under criminal investigation by the U.S. for allegedly helping Americans evade taxes by using Switzerland’s bank-secrecy laws to hide assets. In 2011, Credit Suisse set aside 295 million Swiss francs ($324 million) to deal with the issue, which has also dogged a large portion of the Alpine country’s roughly 300 lenders.