UBS agrees to pay $5.1 billion to settle UBS tax investigation.

UBS Group has agreed to pay $511 million to settle a U.S. investigation into its acquisition of Swiss bank Credit Suisse for helping wealthy Americans evade taxes. UBS Group said in a statement on Monday that a division of Credit Suisse admitted to conspiring to assist its clients in filing false U.S. tax returns and agreed to pay $372 million. As part of the related settlement agreement, the division will also pay an additional $139 million in fines. This ends decades of improper behavior by Credit Suisse using Swiss bank secrecy laws to help Americans conceal funds from the IRS. However, the bank failed to fully comply with the 2014 agreement to disclose and reveal U.S. accounts, and several criminal cases show its clients continue to deceive the IRS. UBS stated that it was not involved in the related activities and has zero tolerance for tax evasion.