Credit Suisse Case May Be Easier for U.S. after UBS Negotiations Paved the Way

By Brian Monroe

After over a year of negotiations with UBS AG, U.S. officials will have more leverage to reach a settlement with another Swiss bank that may have helped American citizens hide taxable assets. On Thursday, the U.S. Justice Department informed Credit Suisse Group AG that it was the subject of a probe related to its American accountholders. The investigation had been rumored since February, when federal prosecutors indicted four former bankers they said had helped Credit Suisse's clients avoid paying taxes on some $3 billion in assets. The probe into Switzerland's second largest bank follows the $780 million penalty paid in...