UBS Faces Major Settlement Over Credit Suisse Tax Violations
UBS may pay hundreds of millions to settle Credit Suisse’s breaches of a 2014 U.S. plea deal related to tax evasion.
A settlement could be finalized this week, per a source cited by The Wall Street Journal.
In 2023, the U.S. Senate found Credit Suisse concealed over $700 million from U.S. authorities after its plea deal.
Credit Suisse had previously paid $2.5 billion in fines for aiding tax evasion.
According to Senate recommendations, UBS and the Swiss government may bear responsibility for future penalties.
