UBS Group AG (UBS) has agreed to pay $511 million to resolve a U.S. investigation into tax evasion practices at Credit Suisse, the Swiss bank it acquired last year. The settlement addresses allegations that Credit Suisse continued helping wealthy Americans hide assets from the Internal Revenue Service (IRS) even after a previous 2014 plea agreement.

UBS to Pay $511 Million to Settle Credit Suisse Tax Evasion Case

A Credit Suisse unit pleaded guilty to conspiring to help clients conceal more than $4 billion from tax authorities across at least 475 offshore accounts. Additionally, U.S. authorities filed a criminal charge related to accounts at Credit Suisse's Singapore operations, which will be dismissed if the bank cooperates with ongoing investigations.

“UBS was not involved in the underlying conduct and has zero tolerance for tax evasion,” UBS stated, noting it expects to recognize a credit at group level from the partial release of contingent liabilities established during its Credit Suisse acquisition.

UBS agreed to pay $511 million to settle a US investigation into how Credit Suisse, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago https://t.co/jvrWvkwMai

— Bloomberg (@business) May 5, 2025

Credit Suisse's Hidden Accounts

Court documents revealed that Credit Suisse enabled tax evasion by several wealthy clients, including an unnamed European billionaire with U.S. residency. Despite news articles identifying this individual as a U.S. resident as early as 2010, Credit Suisse kept the account open for years.

The settlement follows a 2023 Senate Finance Committee report that identified “major violations” of Credit Suisse's 2014 plea agreement. Senator Ron Wyden, the ranking Democratic member of the committee, stated: “This settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term fully vindicates the findings of my investigation.”

The case also detailed how the bank helped Dan Horsky, an American business professor who pleaded guilty in 2016 to hiding more than $200 million from the IRS, and a U.S.-Colombian family that concealed approximately $90 million between 2010 and 2017.

Acquisition Aftermath

Under the agreement, UBS must continue cooperating with U.S. authorities and disclose information about U.S.-related accounts, potentially exposing more clients to prosecution. The settlement provides no protections for individuals involved.

The resolution comes as UBS manages the aftermath of its Credit Suisse acquisition more than two years ago, including addressing other legal matters such as an ongoing investigation into Credit Suisse's handling of Nazi-linked accounts.

In the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term deal, UBS paid CHF 3 billion and assume up to $5.4 billion in losses generated by the troubled Swiss-based creditor.

Large banks, however, are accustomed to hefty fines, often setting aside substantial reserves in their annual budgets to cover them. In late 2022, FinanceMagnates.com reported that Credit Suisse paid nearly $500 million in a settlement related to the 2008 financial crisis.