On May 5, 2025, Credit Suisse Services AG reached an agreement with the United States Department of Justice (DOJ) to settle a tax-related investigation. This investigation focused on Credit Suisse's compliance with its 2014 plea agreement concerning its legacy cross-border business with US taxpayers in Switzerland. This issue arose before UBS acquired Credit Suisse.
Credit Suisse Services AG has pleaded guilty to one count of conspiracy to aid and assist in preparing false income tax returns. As part of the settlement, they will pay USD 371.9 million. Additionally, Credit Suisse Services AG entered into a non-prosecution agreement regarding US taxpayers associated with the legacy Credit Suisse Singapore booking center and will pay USD 138.7 million.
UBS emphasized that it was not involved in the conduct leading to this settlement and maintains a "zero tolerance for tax evasion." The resolution aligns with UBS's goal to address legacy issues swiftly and fairly for all stakeholders.
In relation to this settlement, UBS Group AG anticipates recognizing a credit from partially releasing contingent liabilities established during the acquisition of Credit Suisse as part of their purchase price allocation process. Conversely, UBS AG expects to incur a charge in the second quarter related to this resolution.
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