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Judge Approves Credit Suisse's Tax Evasion Settlement, Gives It A Week To Cough Up The Cash

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Which was nice of her, in the event the bank is running low on funds and needs to move some assets around/pay a visit to the neighborhood pawn shop/etc. Every day the payment is late, though, interest rates start kicking in and Brady Dougan is paid a visit by a guy named Bunky.

The payout includes a $1.14 billion criminal fine and a nearly $667 million payment to the Internal Revenue Service. Credit Suisse agreed to the payout as part of a more than $2.5 billion settlement with several government authorities, including the U.S. Department of Justice and New York State's financial services department. The guilty plea was accepted by Chief Judge Rebecca Beach Smith of the federal court in Norfolk, Virginia. Credit Suisse admitted in May it helped clients deceive U.S. tax authorities by concealing assets in undeclared bank accounts. Smith said she wanted to see a stiff punishment and would accept the $1.14 billion fine, which is payable within one week, because it fell within recommended federal guidelines.

Credit Suisse ordered to pay $1.8 billion to finalize U.S. guilty plea [Reuters]