Credit Suisse reaches $234M settlement in French tax probe

Oct. 24 (UPI) -- Credit Suisse has agreed to pay $234 million to settle a French criminal investigation into whether the Swiss bank helped its clients launder tax fraud proceeds.

The Zurich-based bank said in a statement that it will pay a public interest fine of $64.5 million and the payment of an additional amount of $56.4 million as well as more than $113 million to the French government in damages.

"Credit Suisse announces today that it has reached a settlement with the Parquet National Financier to resolve a legacy matter in relation to an investigation into historical cross-border private-banking services," the statement reads.

"The settlement does not comprise a recognition of criminal liability. The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues."

Judge Stephane Noel said during the hearing in Paris on Monday that the settlement marked "an important moment for Switzerland's banking history," according to Bloomberg.

The case began in 2016 after informants alerted Dutch authorities, prompting raids in France, Germany, Britain, Australia and the Netherlands.

Earlier this month, Credit Suisse issued an offer to buy back $3 billion of its own debt in a strategic show of stability amid a sagging bond market and a recent uptick in the number of credit defaults throughout Switzerland.