UBS Group has agreed to pay $511 million to settle a U.S. probe into violations by Credit Suisse of an agreement with the Justice Department over American clients who evaded taxes by screting their funds in the bank in Switzerland.Credit Suisse Services AG pleaded guilty to tax crimes and entered into a separate nonprosecution agreement related to conduct in Singapore on behalf of U.S. taxpayers.

UBS inherited the matter as part of itstakeover of its former rival. Credit Suisse pleaded guilty in 2014 to conspiring to help thousands of Americans cheat on their taxes. It paid $2.6 billion to U.S. authorities and entered a plea agreement requiring it to root out and shut any remaining undeclared American-held accounts.

The Justice Department said Credit Suisse helped U.S. customers in concealing their ownership and control of assets and funds held at the bank between January 2010 and July 2021 and enabled them to evade U.S. tax obligations, breaching its 2014 plea agreement with the U.S.

UBS said it will pay $371.9 million for Credit Suisse’s role in aiding and assisting in the preparation of false income tax returns and $138.7 million as part of the agreement regarding U.S. taxpayers booked in the legacy Credit Suisse Singapore booking center.

Jeffrey Newman is a whistleblower lawyer representing doctors, nurses and therapists who have become whistleblowers reporting Medicare and Medicaid fraud in False Claims Act (Qui Tam) cases. He also represents whistleblowers in tax evasion cases and tariff fraud cases. He is also a frequent writer on issues relating to events affecting the world economy. Jeff can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217