Credit Suisse guilty plea on U.S. taxes is official

WASHINGTON (AP) - European bank Credit Suisse's guilty plea to helping wealthy Americans avoid paying taxes has been formalized by a federal judge.

U.S. District Chief Judge Rebecca Beach Smith in Norfolk, Virginia last Friday entered orders requiring Credit Suisse AG to pay $2.6 billion in fines and restitution to the U.S. government and regulators. Credit Suisse, Switzerland's second-largest bank, pleaded guilty in May in a settlement with the Justice Department to using secret offshore accounts to help Americans skirt their tax obligations.

The Justice Department said it was the largest penalty imposed in a U.S. criminal tax case. Officials said the bank's misconduct spanned decades and included failing to cooperate with investigators.

The settlement resolved a years-long investigation into allegations that Credit Suisse recruited U.S. clients to open Swiss accounts.

Published: Tue, Nov 25, 2014