Credit Suisse is trying to end tax evasion investigation by The Department of Justice (DOJ) but the DOJ wants the bank to plead Guilty to aiding tax evasion. The bank could pay as much as $1.6 billion to resolve the case. This settlement would exceed the settlement with UBS which paid $780 million to end similar charges.
Credit Suisse agreed in February to pay $196 million to resolve a related case from the U.S. Securities and Exchange Commission which said the bank was guilty of providing services to U.S. clients without registering with the SEC.
The DOJ says the bank has helped a lot of U.S. citizens to dodge taxes in the U.S.
Whistleblowers with information about foreign banks helping taxpayers to evade taxes can report the information and be eligible for a reward of up to 30% of what the government collects.
Jeffrey Newman represents whistleblowers.