Judge Accepts $2.6 Billion Plea Deal In Credit Suisse Tax Evasion Case

Credit Suisse AG’s $2.6 billion plea bargain resolving allegations it helped wealthy Americans avoid paying taxes was accepted by a federal judge, ending a three-year probe that helped upend Swiss bank secrecy (United States v. Credit Suisse AG, E.D. Va., 14-cr-00188, plea accepted 11/21/14).

Zurich-based Credit Suisse, the first global banking unit in more than a decade to plead guilty to a crime in a U.S. court, was ordered to pay the penalty by Judge Rebecca Beach Smith in the U.S. District Court for the Eastern District of Virginia in Norfolk.

“To afford deterrence is a very important ...