The Justice Department has been investigating.
A Senate report published Wednesday estimated that Credit Suisse continued to hold more than $700 million in concealed accounts in violation of the 2014 plea deal, despite promising to cease doing business with clients seeking to evade taxes. The Zurich-based bank agreed to pay a $2.6 billion fine and pleaded guilty in 2014 to aiding tax evasion. Credit Suisse’s fall now threatens to complicate ongoing discussions for a new settlement that, before the Swiss government-engineered rescue, was estimated could reach over $1 billion, people briefed on the matter said. The meeting comes at a precarious time as Credit Suisse is being acquired by Switzerland’s largest bank UBS as part of an emergency rescue intended to stave off a global banking crisis. Attorneys for Credit Suisse met with senior Justice Department officials Wednesday as turmoil in the banking industry throws new complications into efforts to resolve allegations that the bank continued to help wealthy clients evade taxes in violation of a years-old plea deal with the US, people briefed on the matter told CNN.
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