A 238 million euro agreement to avoid lawsuits: Credit Suisse goes to the checkout
judicial peace – The French State will be able to bail out its coffers, with the 200 million euros and more that the Credit Suisse Group is ready to pay, to make peace with the financial prosecutor’s office. Worries are piling up for the Swiss bank…
Credit Suisse is rebuilding its reputation with millions of euros
“Changing the page” has a price. Credit Suisse Group will sign so a check for 238 million euros to the French State, to put an end to a case of tax evasion and money laundering.
The group and the French financial prosecutor’s office have reached a financial agreement, which should close the investigation aimed at determining the possible help that the organization could have provided to its clients, who wanted to escape wealth tax.
The facts of which the Crédit Suisse Group is accused date back at least 10 years. The alleged offenses would have taken place between 2005 and 2012. The prosecution estimates the amount of tax damage that the French State has suffered at more than 100 million euros.
With the arrival of its new legal director, Markus Diethelm, last July, Credit Suisse seems to want to put an end to the legal disputes targeting the company. The bank agrees to shell out $495 million, to also close another sensitive file. The charges related to alleged mis-selling of mortgage-backed securities in the United States.
This agreement with the financial prosecutor’s office comes at a time when Credit Suisse must notably publish its third quarter results and the details of a strategic review that investors are particularly awaiting. Recent rumors about the company’s insolvency paralyze the financial markets, the risk of systemic contagion, if the bank ends up in bankruptcy.
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