Credit Suisse to settle tax case

CREDIT Suisse is to pay a fine of €150m (£130.5m) to end an investigation of its employees in Düsseldorf over allegations they helped citizens dodge taxes.

Switzerland’s banking secrecy rules, which have been used by foreigners to hide money, have come under pressure in recent years as their cash-strapped governments try to crack down on tax dodgers. In February Credit Suisse’s offices in Germany were raided and Germany’s campaign against tax evasion also ensnared Julius Baer, which paid a €50m fine this year.