Credit Agricole to Pay $99 Million Penalty to US Department of Justice
December 31 2015 - 9:54AM
Dow Jones News
By Inti Landauro
PARIS--The Swiss unit of French bank Credit Agricole SA (ACA.FR)
said Thursday it agreed to pay a $99 million penalty to the U.S.
Department of Justice as part of a non-prosecution agreement over
its conduct towards U.S. taxpayers.
The penalty Credit Agricole agreed to pay stems from an
agreement sealed between Switzerland and the U.S. in August 2013
that allowed the U.S. government investigate business conduct of
Swiss banks towards U.S. tax payers, who had not met all their tax
obligations in the U.S.
Credit Agricole said the penalty was already covered by reserves
and will have no impact on the company's 2015 balance sheet.
The French bank will fully cooperate with the U.S. authorities
and will comply with all the obligations it committed to, which
weren't disclosed.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
December 31, 2015 09:39 ET (14:39 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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