UBS Group AG agreed to pay $511 million to settle a US investigation into how Credit Suisse Group, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago. A Credit Suisse unit pleaded guilty to conspiring to help its customers hide more than $4 billion from the Internal Revenue Service in at least 475 offshore accounts, the Justice Department said. The US also filed a criminal charge related to US accounts booked at Credit Suisse AG Singapore, which it will drop if the bank cooperates sufficiently. The resolution ends a long running scandal involving Credit Suisse, which used Swiss bank secrecy laws to help Americans hide money from the IRS for decades. Prosecutors on Monday said that the bank breached its 2014 plea agreement, when it pledged to uncover and disclose US accounts to tax officials. “UBS was not involved in the underlying conduct and has zero tolerance for tax evasion,” the bank said in a statement, noting that it expects to recognize a credit at group level from the partial release of the contingent liability established with the acquisition of Credit Suisse. The Zurich-based bank also said that it expects to record a charge in the second quarter in relation to the agreement. The settlement by President Donald Trump’s Justice Department came after prosecutors under former President Joe Biden failed to resolve the case, despite pledging to crack down on repeat corporate offenders. Pressure mounted after a 2023 Senate Finance Committee report said there were “major violations” of Credit Suisse’s 2014 plea deal, and the bank failed to fully disclose US assets despite having identified “thousands of previously undeclared accounts” valued at more than $1.3 billion. The report detailed how Credit Suisse enabled tax cheating by Dan Horsky, an American business professor who pleaded guilty in 2016 to hiding more than $200 million in assets from the IRS. It also detailed how the bank helped a family of dual citizens of the US and a Latin American country evade taxes. Whistleblowers told the committee the family members held nearly $100 million at Credit Suisse for a decade before transferring those assets to other banks without telling the IRS. An attorney for the whistleblowers, Jeffrey Neiman, said their evidence “uncovered and exposed this ongoing misconduct” despite the risk it posed to them. “Today, they feel vindicated – for telling the truth, for risking everything, and for standing up to the one of the world’s most powerful financial institutions,” Neiman said. On March 10, Gilda Rosenberg, a Florida businesswoman and Credit Suisse client, pleaded guilty to conspiring with two family members to hide $90 million from the IRS between 2010 and 2017. She admitted that she conspired to defraud the US, evade taxes and fail to file foreign bank account reports, also known as FBARs. Her family held about 15 accounts at Credit Suisse betwee in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. 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UBS has agreed to pay $511 million to resolve a US investigation into Credit Suisse’s tax practices.
