Restaurant Owners, Managers Take Plea In Tax Evasion Case

In Vanessa Higgins’s apartment in Montreal, a family portrait hangs over the living room. Taken around Christmas in 2007, maybe earlier, she’s seen standing in it with her five children. A long-time single mother, her kids were always a source of pride and strength. Standing beside her in the picture is her oldest, Samantha.

The Credit Suisse Group AG (ADR) (CS) on Monday pleaded guilty to its collusion with some American clients to deceive US tax authorities. Credit Suisse’s plea is the largest by any bank in the last 20 years; the bank will pay authorities a penalty of $2.6 billion. Despite being tasked with the largest-ever offshore tax fine, Credit Suisse will retain its top management. Its license to operate in New York is also intact.

The Credit Suisse Group AG (ADR) (CS) on Monday pleaded guilty to its collusion with some American clients to deceive US tax authorities. Credit Suisse’s plea is the largest by any bank in the last 20 years; the bank will pay authorities a penalty of $2.6 billion. Despite being tasked with the largest-ever offshore tax fine, Credit Suisse will retain its top management. Its license to operate in New York is also intact.

The plea, in U.S. District Court in Manhattan, marks the death knell for one of Switzerland’s most storied banks, whose original European clients pre-date the American Revolution. It is also potentially a major turning point in a battle by U.S. authorities against Swiss bank secrecy.

(Angela Spiteri)

(tjean314)

The wait staff knows your name and order by heart.

(Matthew Wild)