Credit Suisse has followed Swiss bank Julius Baer and worked out a deal with German prosecutors to settle a probe into allegations about whether the firm, and certain of its employees, were involved in helping clients evade German taxes.
Here's Credit Suisse's statement:
'Zurich, September 19, 2011 - Credit Suisse Group and the Public Prosecutor's Office in Düsseldorf (Germany) have reached an agreement regarding the proceedings against Credit Suisse employees. The entire proceedings are to be resolved. Credit Suisse will make a payment of EUR 150 million / $205m (to be taken in 3Q11). The relevant applications will be submitted to the Düsseldorf District Court today by the Düsseldorf Public Prosecutor's Office.
Credit Suisse welcomes this outcome. A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty
Credit Suisse pursues a strategy of only acquiring and managing assets in compliance with the applicable legislation and regulations. Credit Suisse has been preparing for the changes in cross-border wealth management for a long time and today has a strong presence in Germany, with operations in 12 locations and a team of around 750 employees'
Credit Suisse welcomes this outcome. A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty
Credit Suisse pursues a strategy of only acquiring and managing assets in compliance with the applicable legislation and regulations. Credit Suisse has been preparing for the changes in cross-border wealth management for a long time and today has a strong presence in Germany, with operations in 12 locations and a team of around 750 employees'
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