Credit Suisse to pay US$511 million as part of agreement with US DOJ in tax case involving Singapore accounts

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Credit Suisse to pay US$511 million as part of agreement with US DOJ in tax case involving Singapore accounts - Channel News Asia

Quick Summary:

The Swiss bank maintained accounts in Singapore on behalf of US taxpayers who were using offshore accounts to evade taxes and reporting requirements.

"In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States".

The Swiss lender had accounted for the issue as a contingent liability when acquiring Credit Suisse, and expects this to be partially released as a credit in the second quarter.