Credit Suisse Closed, But Didn't Report, Some Accounts. The Justice Department has reportedly questioned the bank over accounts totaling hundreds of millions of dollars that were

UBS Group (NYSE:UBS) is close to paying hundreds of millions of dollars for alleged violations by Credit Suisse of an earlier agreement with the U.S. Justice Department regarding U.S. clients who evaded tax,

The banking giant is set to pay at least a nine-figure sum over collapsed lender's failure to cooperate with efforts to catch tax-evading clients, according to the Wall Street Journal.

UBS reached a settlement with Mozambique in 2023 over the so-called tuna-boat scandal, in which Credit Suisse was alleged to have engaged in corrupt practices around the financing of a fishing fleet. In the same year, UBS agreed to pay $1.44 billion to settle a long running case of its own in the U.S., related to mortgage backed securities.

A former Credit Suisse Group AG client was charged with a tax-evasion conspiracy in the US as officials weigh whether the bank — now owned by UBS Group AG — breached a 2014 plea deal in which it paid $2.

The potential payout relates to an earlier deal over tax evasion by U.S. clients of Credit Suisse, the rival Swiss bank that UBS acquired in 2023.