Credit Suisse Wraps Another Investigation With €238M Settlement

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  • Credit Suisse Group AG CS has reached a settlement with the Parquet National Financier (PNF) to resolve a legacy matter concerning an investigation into historical cross-border private-banking services. 
  • The settlement provides for a public interest fine comprising a profit disgorgement of €65.6 million and the payment of an additional amount of €57.4 million. 
  • Further, Credit Suisse will pay €115 million to the French State as damages.
  • The deal brings to an end the investigation into suspicions of laundering of tax fraud proceeds, top financial prosecutor Jean-Francois Bohnert said in court, Bloomberg reported. Under the terms of the agreement, the Swiss bank makes no admission of guilt.
  • "It is an important moment for Switzerland's banking history" and the country's relation with the French tax authorities, Judge Stephane Noel said during the Paris hearing, after detailing the amounts and approving the resolution of the criminal allegations.
  • Credit Suisse said in a statement that it is "pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues."
  • Last week, Credit Suisse agreed to pay $495 million as a final settlement with the New Jersey Attorney General related to its Residential Mortgage-Backed Securities business, with transactions dating back to before 2008.
  • Price Action: CS shares are down 0.64% at $4.69 during the premarket session on the last check Monday.
  • Photo Via Wikimedia Commons
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