What we know – and don’t – in the Credit Suisse case

by Veronica DeVore, swissinfo.ch
May 6, 2014 – 19:55

Credit Suisse Group AG (ADR) (NYSE:CS) is expected to soon reach a settlement with the United States Justice Department, pleading guilty to criminal charges for aiding tax evaders and paying an accompanying fine. But many elements of the proceedings remain unclear.

How did we get here?

In 2007, UBS AG (NYSE:UBS) bank was fined $780 million by the United States authorities after admitting it aided and abetted US tax evaders.

Four years later, Switzerland’s oldest private bank Wegelin was indicted by the US Department of Justice (DoJ) for offering shelter to UBS’s US clients. The criminal probe led to Wegelin’s demise last year.

Around a dozen other Swiss banks, including Credit Suisse Group AG (ADR) (NYSE:CS) ,...