Finance
UBS nears settlement over Credit Suisse tax evasion case, WSJ reports
Published by Global Banking & Finance Review®
Posted on January 10, 2025
1 min readLast updated: January 27, 2026
Quick Summary
UBS is close to settling Credit Suisse's tax evasion case with the DOJ, potentially paying hundreds of millions. This follows violations of a 2014 plea deal.
UBS Approaches Settlement Over Credit Suisse Tax Evasion Allegations
(Reuters) - UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse's violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday.
A settlement could come as soon as this week, WSJ reported, citing people familiar with the matter.
UBS and the DOJ declined to comment on the report.
A U.S. Senate Finance Committee in 2023 found that Credit Suisse violated the plea deal made in 2014 with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government.
The committee said that UBS or the Swiss government should assume responsibility for any future fines.
UBS-owned Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades.
(Reporting by Chandni Shah in Bengaluru; Editing by Andrea Ricci and Bernadette Baum)
Key Takeaways
- •UBS is nearing a settlement over Credit Suisse's tax evasion case.
- •The settlement could involve hundreds of millions of dollars.
- •Credit Suisse violated a 2014 plea deal with the DOJ.
- •The U.S. Senate Finance Committee found ongoing tax evasion.
- •UBS or the Swiss government may face future fines.
Frequently Asked Questions about UBS nears settlement over Credit Suisse tax evasion case, WSJ reports
1What is UBS's expected settlement amount regarding Credit Suisse?
UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse's violations of an earlier agreement with the U.S. Department of Justice.
2When could the UBS settlement be finalized?
A settlement could come as soon as this week, according to reports.
3What did the U.S. Senate Finance Committee find in 2023?
The committee found that Credit Suisse violated the plea deal made in 2014 with U.S. authorities by continuing to help ultra-wealthy Americans evade taxes.
4What was the consequence for Credit Suisse in 2014?
In 2014, UBS-owned Credit Suisse became the largest bank in 20 years to plead guilty to a U.S. criminal charge, agreeing to pay a $2.5 billion fine for helping Americans evade taxes.
5Who should assume responsibility for future fines according to the committee?
The committee stated that UBS or the Swiss government should assume responsibility for any future fines.
