U.S. Gives Switzerland Sept. 6 Deadline on Tax Data, SZ Says

Switzerland has until Sept. 6 to provide the U.S. with data relevant to a criminal investigation into alleged tax evasion by some clients of Credit Suisse Group AG (CSGN), SonntagsZeitung reported.

The U.S. is requesting information about accounts held by thousands of Americans in 10 banks including Credit Suisse, the Zurich-based newspaper reported, citing correspondence last week between Michael Ambuehl, the state secretary to the Swiss finance ministry, and James Cole, the U.S. deputy attorney general.

Banks may be required to pay up to 2 billion Swiss francs ($2.5 billion) in fines, SonntagsZeitung reported, citing a separate, unidentified person with knowledge of the situation. The U.S. may also seek client details from Swiss wealth managers in addition to the 10 banks, according to the newspaper.

Marc Dosch, a spokesman for Credit Suisse, declined to comment on the matter by phone today, saying the bank is not party to inter-governmental negotiations.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly in Paris at fconnelly@bloomberg.net

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