Credit Suisse to Pay $536 Million in U.S. Settlement

Credit Suisse AG agreed to pay $536 million to settle claims the bank helped process payments that let Iran and other nations avoid government sanctions and gain access to U.S. financial markets.

The Zurich-based bank entered into a deferred prosecution agreement in settling with the U.S. Justice Department, which said Credit Suisse made more than $1.6 billion in illegal transactions involving Iran, Sudan, Burma, Cuba and Libya from the mid-1990s through 2006, according to a court document filed in Washington today. The agreement also settles claims by New York prosecutors, the Federal Reserve and the U.S. Treasury Department, the bank said today in a statement.