Credit Suisse pleaded guilty on Monday and would pay about $5.11 billion to resolve criminal cases conspiring with wealthy U.S. taxpayers to hide more than 475 offshore accounts, the Justice Department said.

Except for that request, UBS The subsidiary also entered into a non-litigation agreement with the prosecutors regarding the US account booked in Singapore for US Postal Credit.

"Between 2014 and June 2023, Credit Suisse Singapore held accounts of undeclared Americans, and what Credit Suisse Singapore knew or should have known was the United States, with total assets worth more than $2 billion," the Ministry of Justice said.

The Justice Department said Credit Suisse’s plead guilty criminal conspiracy allowed Swiss Financial Services’ “ultra-high net worth and high net worth individual clients” to evade their U.S. tax obligations from 2010 to 2021.

"In doing so, Credit Suisse committed new crimes and violated its May 2014 plea agreement with the United States," the department said.

Credit Suisse pleaded guilty in 2014 to help U.S. taxpayers hide their IRS’s maritime accounts and paid $2.6 billion to resolve the case. It was the largest payment ever in a criminal tax case.

The company pleaded guilty Monday to one conspiracy charge to assist and assist in preparing false income tax returns in the U.S. District Court in Alexandria, Virginia. Tax losses from accounts to the U.S. exceeded $71 million, and Credit Suisse's related revenue exceeded $108.6 million, according to court documents.

Credit Suisse and UBS "must cooperate fully with the ongoing investigation and disclose with certainty any information that may be found in the U.S.-related accounts," the Justice Department said.

"The agreement has no protection for any individual," the Justice Department said.

The plea comes on the Senate Finance Committee that the panel investigation found that Credit Suisse was “the same complicity as the ongoing tax evasion of oversized Americans…including previously unknown, ongoing ongoing and potential criminal conspiracy involving the failure to disclose nearly $100 million of secret accounts belonging to single Americans’ secret accounts.”

Florida attorney Jeffrey Neiman said in a statement that his clients “discovered and exposed this ongoing misconduct” in order to violate the company’s original plea agreement.

Neyman said his clients, all of the former Swiss bankers, have been around for more than a decade, providing information to the Justice Department, the IRS and the Senate about the bank's violation of its 2014 plea agreement.

“For great personal risks and potential prosecutions from the Swiss authorities, they provide the government with
Provide detailed evidence: name, social security number and passport for US-linked accounts
The holder’s assets have been hidden for decades,” Neyman said.

“They handed over internal documents, including account statements and emails, and even shared intelligence about sports and travel
Bankers, allowing federal agents to act quickly and effectively. ”

"For nearly a decade, whistleblowers have been waiting for this moment," he said.

“Now, they feel a proven attitude – to be honest, take everything and master one of the most powerful financial institutions in the world.”

A charging document filed against Credit Suisse on Monday said it forged bank records to cover up U.S. ownership and control the control of accounts, documenting virtual paperwork that certain U.S. account owners “as non-Americans,” had processed, maintained more than 100 accounts held by Swiss lawyers, or enabled “benefits for undeclared clients,” not exceeding $1 billion, and had to meet the full amount.

In the public actions detailed in the charging document, Credit Suisse allows U.S. citizens and former University of Rochester business professor Dan Horsky to retain control of the assets after changing ownership of the interests of these assets to relatives who are not U.S. citizens, as well as other actions that allow Horsky to avoid taxing the assets.

Federal prosecutors said his family, whose $200 million overseas account, pleaded guilty to tax-related crimes in 2016, was sentenced to seven months in prison and a $100 million civil fine in 2017.

Credit Suisse's parent company, Swiss Bank UBSsaid in a statement Monday, “No involvement in basic behavior and zero tolerance for tax evasion.” UBS acquired Credit Suisse in 2023.

"Using this resolution, UBS is pleased to have resolved the legacy of Credit Suisse, which is in line with UBS's intention to resolve old matters in a fair, balanced way, and the best interest of all stakeholders," the bank said.

“In the second quarter of 2025, UBS Group AG expects to issue some of the issues that are determined by partial issuances that are determined by Credit Suisse as part of the purchase price allocation process,” the statement said. “UBS AG expects the second quarter to be related to the resolution.”

"This settlement is a complete testament to my findings, which gives Credit Suisse how wealthy Americans hide over $700 million for wealthy Americans in violation of their deals," said Oregon Sen. Ron Wyden of the Senate Finance Committee in a statement Monday.

"Super wealthy and shady Swiss bankers should not get free passes to cook sea tax evasion plans when the average American pays a fair share," Wyden said.