UBS Nears Settlement Over Credit Suisse Tax Evasion, Report Says

Group 1 - UBS is reportedly close to paying "at least hundreds of millions of dollars" in penalties to settle U.S. tax evasion violations related to Credit Suisse, which UBS acquired in 2023 [1][5] - The potential settlement with the U.S. Justice Department could occur as soon as this week, following a 2014 plea agreement where Credit Suisse admitted to aiding wealthy Americans in tax evasion [1][5] - Credit Suisse had previously agreed to disclose American accounts but allegedly continued to hide accounts, leading to further scrutiny from the Justice Department [2][3] Group 2 - The 2014 plea deal included $2.6 billion in fines, and UBS set aside approximately$4 billion to address ongoing investigations and lawsuits after acquiring Credit Suisse [4] - A Senate investigation in 2023 indicated that Credit Suisse likely concealed hundreds of millions of dollars in accounts after the plea deal, which were not reported to U.S. regulators until whistleblowers intervened [4][5] - UBS has not yet responded to requests for comment regarding the ongoing investigation and potential settlement [4][5]