Credit Suisse to pay $2.5B+ in fines, restitution

Hundreds of Credit Suisse employees worked for years to deceive U.S. officials and help Americans evade domestic taxes, said Attorney General Eric Holder, at a Monday news conference.

The bank will pay $1.8 billion in fines, he said, adding that Credit Suisse is the largest bank to plead guilty in 20 years. The bank has admitted wrongdoing and made various changes to allow it to move forward in compliance with the law, Holder noted.

Fines and restitution will top $2.5 billion, officials said at the news conference.

The bank's sentencing date has been set for Aug. 12.

This is a developing news story. Please check back for updates.

The Justice Department filed a criminal complaint against Swiss bank Credit Suisse on Monday, alleging the bank conspired to help clients evade taxes.

The complaint had been expected for days, and the bank is also expected to plead guilty to the charge and pay a multibillion-dollar fine as a settlement.

Part of the settlement, with New York's Department of Financial Services, includes a $715 million penalty and the installation of a monitor, CNBC has learned.

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Credit Suisse headquarters on Paradeplatz in Zurich, Switzerland
Adrian Moser I Bloomberg via Getty Images
Credit Suisse headquarters on Paradeplatz in Zurich, Switzerland

The Swiss bank has been in negotiations with the U.S. Department of Justice, the U.S. Federal Reserve, and New York state Department of Financial Services.

On Sunday, Christoph Blocher, vice president of the right-wing Swiss People's Party, told a Swiss newspaper that Credit Suisse CEO Brady Dougan and Chairman Urs Rohner should step down over their roles in helping rich Americans dodge tax.

Credit Suisse agreed in February to pay $196 million to resolve a related case from the U.S. Securities and Exchange Commission, which accused the Swiss bank of providing brokerage and advisory services to U.S. clients without registering with the SEC.

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The Senate Permanent Subcommittee on Investigations in February faulted prosecutors for obtaining only a handful of client names from other Swiss banks five years after Switzerland's largest bank, UBS, agreed to provide information.

Since 2009, the Justice Department has charged about three dozen bankers and advisers for their suspected roles in offshore tax evasion. One banker who founded a trust company that worked with Credit Suisse pleaded guilty last week and admitted he helped U.S. clients evade taxes.

By Reuters. staff contributed to this report.