- Credit Suisse Group AG CS Has reached reached an agreement with the Parquet National Financier (PNF) to resolve a probate matter related to an investigation into historic cross-border private banking services.
- The settlement provides for a fine in the public interest, which includes a confiscation of profits of €65.6 million and the payment of a further amount of €57.4 million.
- In addition, Credit Suisse is paying the French state 115 million euros in damages.
- The deal ends investigations into suspected money laundering of tax fraud proceeds, Chief Financial Prosecutor Jean-Francois Bohnert told Bloomberg in court reported. According to the agreement, the Swiss bank does not acknowledge any debt.
- “This is an important moment in Switzerland’s banking history” and the country’s relationship with French tax authorities, Judge Stéphane Noel said during the hearing in Paris, after detailing the amounts and authorizing clarification of the criminal charges.
- Credit Suisse said in a statement that it is “delighted to resolve this matter, which represents another important step in proactively resolving litigation and legacy issues.”
- Credit Suisse agreed last week Counting $495 million in final settlement with the New Jersey Attorney General in connection with its residential mortgage-backed securities business with transactions from before 2008.
- Price promotion: CS shares are down 0.64% to $4.69 during the premarket session last check Monday.
- Photo via Wikimedia Commons
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