Swiss bank Credit Suisse agreed to pay France $234 million on Monday to settle tax fraud and money laundering cases.
The agreement ends a French investigation into Credit Suisse, which is recovering its reputation from losses and scandals, over whether it was involved in helping clients avoid paying taxes on their wealth.
According to the public prosecutor's office, the action has resulted in "fiscal damage" of more than 100 million euros to the French state including in several countries between 2005 and 2012.
Although Credit Suisse Bank insisted that they would proactively resolve the litigation and legacy issues, its lawyers refused to answer questions related to the court's problems.
Now, Credit Suisse shares are down slightly after releasing details of its strategic review as well as its third-quarter earnings report on October 27.
Meanwhile, the bank has appointed a new head of legal, Markus Diethelm, so that he can take a more proactive approach in solving the problem.
Therefore, the bank made a payment worth $495 million to settle the alleged sale of mortgage-backed securities (MBS) in the United States (US) and harm the bank's reputation.
Credit Suisse was also convicted in June after failing to prevent money laundering by a Bulgarian cocaine smuggling ring.
Following that, a court in the Bermuda Islands ruled that a former Prime Minister of Georgia and his family were awarded more than $600 million in damages from the life insurance arm of Credit Suisse.
On a different source, the US Department of Justice is investigating if Credit Suisse is still helping US clients hide assets from authorities after the bank made a $2.6 billion tax evasion settlement.
