Credit Suisse Expected to Plead Guilty to Aiding Tax Evasion

Credit Suisse Expected to Plead Guilty to Aiding Tax Evasion

First time a major financial institution has admitted a crime in more than a decade, reports say.

FORTUNE — Credit Suisse (CS) is expected to plead guilty to a charge of conspiring to aid tax evasion as part of a settlement with the U.S. Department of Justice.

A guilty plea from the bank would be the first time a major financial institution has admitted a crime in more than a decade, according to The Wall Street Journal, and it comes as the Justice Department takes a more aggressive approach to supervising Wall Street.

U.S. Attorney General Eric Holder is expected to hold a press event later Monday to outline the case. The Justice Department filed a criminal charge against the company earlier in the day. Credit Suisse has been in negotiations with the government regarding these charges.

In addition to the guilty plea, Credit Suisse is expected to pay about $2.6 billion in penalties and hire an independent monitor for up to two years, according to The New York Times.

Source: Fortune | 

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