Credit Suisse’s Guilty Plea in Record Tax Evasion Settlement Likely to Draw More Legal Trouble

By Colby Adams and Brian Monroe

Credit Suisse AG's guilty plea to charges that it hid clients' assets from U.S. tax collectors is likely to translate into more troubles for the institution, both here and abroad. Under terms of a one-count criminal information and monetary penalties disclosed by federal and state regulators Monday evening, the bank will pay $1.8 billion to the U.S. Justice Department and IRS, $100 million to the Federal Reserve and an additional $715 million to New York's financial regulator, the largest monetary settlement ever levied by the state agency. In a rare mea culpa for a financial institution accused of criminal misconduct,...