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Ex-Credit Suisse Bankers Lose Bid to Boost $2.6 Billion Tax Fine

  • Bankers wrongly assume 2014 fine should be higher, judge rules
  • Plea deal requires bank to find U.S. accounts hidden from IRS
Credit Suisse AG HQ as CEO Faces Anger on Archegos Mess
Photographer: Stefan Wermuth/Bloomberg

A U.S. judge dismissed a lawsuit by former Credit Suisse AG bankers who claim the firm should have paid more than $2.6 billion when its banking unit pleaded guilty in 2014 for helping thousands of Americans evade taxes.

The bankers claimed Credit Suisse misled the court by failing to disclose $200 million in accounts held by U.S. client Daniel Horsky, who later pleaded guilty to tax fraud. Had the court known of that deception, the bankers claim, the judge may have ordered the bank to pay a higher penalty.