5 Takeaways From Credit Suisse’s $2.6B Tax Evasion Fine
Law360, New York (May 20, 2014, 8:29 PM EDT) -- Credit Suisse AG's Monday guilty plea and agreement to pay a $2.6 billion fine for helping American citizens evade taxes delivered an unshakable message that federal prosecutors are tired of using deferred and nonprosecution agreements against banks and want punishments that sting but won't crumble institutions.
The bank is the largest to plead guilty in the U.S. in 20 years, according to Attorney General Eric Holder, and it joins a small group of financial institutions, including defunct Swiss bank Wegelin & Co., that have been hit by the U.S. criminal justice system. But attorneys say that group could expand in light...
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