UBS Group AG is said to be close to reaching a settlement worth hundreds of millions of dollars regarding violations by Credit Suisse in relation to a long-standing agreement with the U.S. Department of Justice on tax evasion.

In 2014, Credit Suisse pleaded guilty to conspiring to help U.S. citizens evade taxes and was required to keep authorities informed about its efforts to close accounts and move funds. The bank has already paid $2.6 billion in fines to the U.S., but it has faced further scrutiny for not fulfilling its follow-up obligations, which could result in additional penalties.

UBS is currently dealing with various legal issues inherited from Credit Suisse after acquiring the troubled bank in 2023.