“Credit Suisse faces a penalty of $1.2 billion (1.1 billion francs) from US authorities over cases of tax evasion involving American clients, a Swiss lawyer estimates.  The cantonal banks of Zurich and Basel are also believed among those targeted. Last week, MPs in Bern rejected an agreement with the US, backed by the Swiss federal government, to temporarily lift banking secrecy laws to allow Swiss banks to settle with American authorities over past tax evasion cases.  The agreement was never made public but was expected to include significant fines against 14 Swiss banks.”

http://www.thelocal.ch/20130624/credit-suisse-faces-12-billion-us-penalty

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