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Article

7 Apr 2014

Author:
Silke Koltrowitz, Reuters

Credit Suisse faces threat of new U.S. tax probe

Credit Suisse may face a new investigation of its role in helping wealthy Americans to avoid paying taxes, after New York state's top financial regulator requested documents from the Swiss bank...[It] had raised expectations it was emerging from its long-running American tax controversy when it set aside an extra half a billion dollars last week to deal with a U.S. Department of Justice investigation of its participation in offshore tax evasion. But Benjamin Lawsky, New York's financial services superintendent, is now examining whether the bank lied to New York authorities about creating tax shelters, raising the possibility of another investigation, a source familiar with the matter told Reuters...Credit Suisse declined to comment. [also refers to UBS, Bank of Tokyo-Mitsubishi UFJ, Standard Chartered, Julius Baer, HSBC]