SOURCE Zurich, July 15, 2011 As previously disclosed, Credit Suisse has been responding to requests for information, including subpoenas, in an investigation by the US Department of Justice (DoJ) and other US authorities. The investigation concerns historical Private Banking services provided on a cross-border basis to US persons. As part of this process, on July 14, 2011, Credit Suisse received a letter notifying it that it is a target of the DoJ investigation. It has been reported that the US authorities are conducting a broader industry inquiry. Subject to our Swiss legal obligations, we will continue to cooperate with the US authorities in an effort to resolve these matters. Following years of intense pressure from the United States, in June last year the Swiss parliament passed legislation permitting the country's banks to share customer details with US tax authorities.
UBS ended up paying a $780m fine, but more importantly the new legislation put an end to Switzerland's famed banking secrecy.
So how much will Credit Suisse fork out to protect it's customers ?
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