New York states banking regulator is seeking hundreds of millions of dollars from Credit Suisse in its probe of potential tax evasion involving the Swiss bank, according to sources close to the matter, which could push an eventual settlement with U.S. authorities over $2 billion. The New York regulator made an opening bid of $1 billion, one of the sources said, though negotiations are expected to significantly drive down the final penalty amount. The settlement with the New York State Department of Financial Services would be in addition to the fine that Credit Suisse is discussing with the U.S. Justice Department. Reuters reported last week that the Justice Department is seeking as much as $1.6 billion from the bank. The talks between Credit Suisse and Benjamin Lawsky, New Yorks financial services superintendent, are ongoing, people familiar with the matter said. Credit Suisse could reach a deal with New York and federal authorities in the coming days, they said. Federal prosecutors have also been pushing for the bank to plead guilty to criminal charges as part of the settlement, as the U.S. Justice Department has faced criticism that it has shied away from prosecuting financial firms.
Posted on: Tue, 13 May 2014 12:26:40 +0000
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