Credit Suisse Group said on Monday it had reached a €238 million settlement with French prosecutors over a case involving tax fraud, moving forward from another legal case as it seeks reputation rehabilitation.
The Swiss lender will pay a €123 million fine for historic cross-border private banking, including a return of profits — a recourse for profits made through illicit conduct — of €65.6 million, and the payment of a further €57.4 million. of euros.
Credit Suisse will also pay €115 million to the French state in damages.
The agreement with France’s national financial promoter, Parquet National Financier, does not include an acknowledgment of criminal liability, the bank said. The French authorities confirmed the agreement. Preliminary investigations into tax fraud and money laundering began in 2016.
“The bank is pleased to resolve this matter, which marks another important step in proactively resolving legacy disputes and issues,” Credit Suisse said in a statement.
The struggling lender, whose shares are down nearly 50% in 2022 so far, has been trying to repair its balance sheet and reputation as part of a restructuring effort, whose important update is due to be released in the third-quarter earnings on Thursday.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
