Italian courts have approved a settlement between Credit Suisse and the Italian tax authorities under which the bank will pay €109.5m (14.6bn) in order to end the tax investigation the bank is currently subject to. Milanese prosecutors had been investigating an alleged fraudulent system which was used by the bank to transfer up to €14bn ($$114m) to offshore accounts, mainly through the use of insurance policies.
Italian courts have approved a settlement between Credit Suisse and the Italian tax authorities under which the bank will pay €109.5m ($114m) in order to end the tax investigation the bank is currently subject to. Milanese prosecutors had been investigating an alleged fraudulent system which was used by the bank to transfer up to €14bn ($14.6bn) to offshore accounts, mainly through the use of insurance policies.