UBS Nears Settlement Over Credit Suisse Tax Evasion Violations

The settlement, potentially in the hundreds of millions, addresses Credit Suisse's breach of a 2014 U.S. plea agreement prior to its acquisition by UBS.

• UBS is expected to pay at least hundreds of millions of dollars to resolve Credit Suisse's violations of a 2014 plea deal with the U.S. Department of Justice.
• Credit Suisse, acquired by UBS in 2023, allegedly continued to help wealthy American clients evade taxes despite its earlier guilty plea and fines totaling $2.6 billion.
• A 2023 Senate investigation revealed Credit Suisse concealed over $700 million in accounts and failed to report them as required under the 2014 agreement.
• The U.S. Justice Department has been evaluating how to enforce accountability for these violations following UBS's acquisition of Credit Suisse.
• UBS had set aside $4 billion to cover potential litigation and regulatory costs, including this anticipated settlement, which could be finalized this week.

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