Credit Suisse (CS) to Pay $2.8 Billion to Settle Criminal Case
Shares of Credit Suisse Group AG (CS) were up +0.41 or +1.41 percent to $29.51 per share in pre-market trading this morning, after the company pled guilty to criminal charges yesterday and agreed to pay $2.815 billion in penalties for conspiring to aid thousands of U.S. account holders in evading taxes. Credit Suisse stock closed at $29.10, down -0.27 or -0.92 percent in Mondayâ s regular trading session.
Founded in 1856, Zurich, Switzerland based Credit Suisse Group AG is a multinational holding company specializing in financial services. The company operates Credit Suisse Bank and operates in four principal areas: private banking, investment banking, asset management and a shared services group, which provides marketing and other services to the other three divisions. Credit Suisse acquired Donaldson, Lufkin, and Jenrette for $11.5 billion in 2000, giving the bank a significant presence in U.S. investment banking. The plea bargain deal, announced late Monday would have the Swiss bank agree to one count of conspiring to aid tax evasion. The aiding of tax evasion was ongoing and â
Published on May 20, 2014
By Jay Hawk