New York's Lawsky starts probe into Credit Suisse over tax shelters

|About: Credit Suisse Group AG (CS)|By:, SA News Editor

New York has reportedly opened a civil investigation into whether Credit Suisse (CS) lied about engineering tax shelters for U.S. citizens.

The probe, led by Benjamin Lawsky, New York's financial services superintendent, adds to one by the Justice Department into the role that Credit Suisse played in helping U.S. citizens evade taxes.

The DOJ could fine the bank over $780M, the amount that UBS paid in a similar case.