Credit Suisse's $2.6bn plea bargain resolving allegations it helped wealthy Americans avoid paying taxes was accepted by a federal judge, ending a three-year probe that helped upend Swiss bank secrecy.
Bloomberg News reports that the first global banking unit in more than a decade to plead guilty to a crime in a U.S. court, Credit Suisse was sentenced to pay the penalty today by U.S. District Judge Rebecca Beach Smith in Norfolk, Virginia.
'To afford deterrence is a very important factor here', the judge said at a hearing that lasted less than an hour. 'I adjudge Credit Suisse guilty'.
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