Beverly Hills 12/17/2009 1:39:09 AM
News / Business

Iran Settlement Costs Credit Suisse Group $536 Million

Finance World News Update by EQUITIES Magazine

Credit Suisse Group will pay $536 million to settle a Justice Department probe. The group will also admit to violating U.S. economic sanctions by hiding the booming business it was doing for Iranian banks.

 

The bank has been under criminal investigation over business it did with countries subject to U.S. economic sanctions between 2002 and 2007.

 

In the settlement papers, the bank is charged with having a long-running business aimed at helping Iranian banks evade the sanctions by hiding the identity of their Iranian customers in international money transactions.

 

Credit Suisse shares were up $2.54, or 5.27 percent, to $50.77.

 

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