Credit Suisse, Baer Seen Facing Delay in U.S. Tax Deal
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Credit Suisse Group AG and Julius Baer Group Ltd., the largest Swiss banks embroiled in a U.S. tax-evasion probe, may face delays in reaching settlements after the Swiss Parliament rejected a bill that would have freed the industry to send information to the U.S.
The two Zurich-based banks, among at least 14 Swiss financial firms investigated by the Department of Justice since 2011 for allegedly helping Americans hide money from the Internal Revenue Service, are seeking to strike individual agreements to avoid or defer prosecution by the U.S.