May 20, 2014

Credit Suisse won’t get tax write-off on DOJ settlement

Buried in the settlement with Credit Suisse, announced formally Monday night after weeks of speculation, is a clause that pleased public interest groups. The language prevented the Swiss bank from taking, directly or indirectly, and tax deduction, credit or any other offset against the huge $2.6 billion settlement it will pay as part of the plea agreement with the DOJ and bank regulators.

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