Credit Suisse to Pay $197 Million in SEC U.S. Client Case
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Credit Suisse Group AG agreed to pay $197 million to regulators and admitted servicing thousands of U.S. clients without approval, leaving unsettled a criminal probe of whether it helped Americans evade taxes.
Credit Suisse, the second-biggest Swiss bank, never registered a cross-border securities business that served 8,500 client accounts between 2002 and 2008 and collected $82 million in fees, according to a settlement with the U.S. Securities and Exchange Commission. The accounts were valued at about $5.6 billion in 2008.