UBS Group AG has agreed to pay $511 million (€452 million) to settle a US tax investigation into Credit Suisse, which it acquired in 2023. UBS said it had no involvement in the underlying misconduct and reiterated its "zero tolerance for tax evasion".
The two-year investigation, initiated before the merger, found that Credit Suisse assisted wealthy Americans in hiding more than $4 billion (€3.5 billion) from the US Internal Revenue Service (IRS) through at least 475 offshore accounts, according to the US Department of Justice (DoJ).
