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Credit Suisse Loses U.K. Case Over Crisis-Era Banker Bonus Tax

  • Swiss bank argued impact of 2010 levy was ‘arbitrary,’ unfair
  • One-time tax levied at height of crisis generated $4.2 billion
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Credit Suisse Group AG lost a U.K. lawsuit over a one-time tax on banker bonuses at the height of the financial crisis.

The Swiss lender sued the British government over the 50% tax, which applied to bonuses over 25,000 pounds ($31,000) in 2010. But a London judge rejected arguments that the levy was “strikingly unfair” because some banks didn’t have to pay it on bonuses distributed outside of the brief window the policy was in effect.