UBS Group AG is said to be preparing to settle tax evasion claims related to violations by Credit Suisse, with potential payments reaching hundreds of millions.

These claims stem from Credit Suisse's failure to comply with a previous agreement with the U.S. Justice Department regarding American clients involved in tax evasion.

In 2023, UBS acquired Credit Suisse, which had been under scrutiny for significant violations of a 2014 plea agreement with the Department of Justice.

This agreement had previously resulted in Credit Suisse pleading guilty and agreeing to pay $2.6 billion, including $1.8 billion to the Department of Justice.

Following the acquisition, the Justice Department has been evaluating how to hold Credit Suisse accountable for its actions.

UBS has set aside approximately $4 billion in provisions to address potential litigation and regulatory matters.