Skip to Main Content
 

Scott Michel Quoted in Bloomberg, Credit Suisse Likely to Settle Criminal Tax Probe

August 15, 2011, Bloomberg

Excerpt taken from article.

Credit Suisse Group AG (CSGN)
, the Swiss bank facing possible U.S. indictment for aiding tax evasion, will likely settle with prosecutors by admitting wrongdoing and paying a penalty that may exceed $1 billion, tax lawyers said.

Whether the U.S. government can apply a 50 percent penalty to Credit Suisse "is going to be the subject of horse trading," said tax attorney Scott Michel of Caplin & Drysdale in Washington.

"You have to wonder whether they would pay more or less than UBS," Michel said. "There's a general sense that Credit Suisse didn't have as many U.S. clients that they marketed to aggressively in the same way that UBS did. If that's true, there would be less income tax that had gone unpaid compared to UBS."

Click here to read more on the Credit Suisse's possible settlement of criminal tax probe.

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2019 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)