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Report: Italian judge approves Credit Suisse's €109.5M tax case settlement

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Report: Italian judge approves Credit Suisse's €109.5M tax case settlement

An Italian judge approved Credit Suisse Group AG's €109.5 million settlement agreement with the country's tax authorities over allegations that the Swiss lender helped clients move undeclared funds offshore, Reuters reported Dec. 14, citing "judicial sources."

Credit Suisse agreed to the settlement in October, resolving a probe launched in 2014 by Milan prosecutors into claims that the bank used a fraudulent system to aid the transfer of up to €14 billion to offshore accounts, primarily through insurance policies. Some 13,000 clients alleged to have been involved remain under investigation, Reuters noted.