UBS Group is said to be close to reaching a settlement worth hundreds of millions of dollars in relation to alleged tax violations connected to Credit Suisse.

The allegations pertain to breaches of a previous agreement with the U.S. Justice Department regarding U.S. clients who evaded taxes.

This development highlights the ongoing scrutiny faced by financial institutions in terms of complying with tax regulations and fulfilling their obligations towards U.S. clients.

If the settlement is finalized, it will emphasize the significant financial consequences for UBS as it deals with the aftermath of Credit Suisse's past actions.