European bank Credit Suisse's guilty plea to helping wealthy Americans avoid paying taxes has been formalized by a federal judge.
U.S. District Chief Judge Rebecca Beach Smith in Norfolk, Virginia on Friday entered orders requiring Credit Suisse AG to pay $2.6 billion in fines and restitution to the U.S. government and regulators. Credit Suisse, Switzerland's second-largest bank, pleaded guilty in May in a settlement with the Justice Department to using secret offshore accounts to help Americans skirt their tax obligations.
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The Justice Department said it was the largest penalty imposed in a U.S. criminal tax case. Officials said the bank's misconduct spanned decades and included failing to cooperate with investigators.
The settlement resolved a years-long investigation into allegations that Credit Suisse recruited U.S. clients to open Swiss accounts.