Credit Suisse to Pay $536 Million in Settlement

The Manhattan District Attorney and the Justice Department have won a more-than-half-billion-dollar settlement from one of Switzerland's largest banks. WNYC's Kathleen Horan has more.

REPORTER: Credit Suisse has been under investigation for more than 2 years for doing business with countries subject to U.S. economic sanctions, like Iran and Libya.

The settlement papers charge that the bank had a long-running practice of helping Iranian banks evade the law by knowingly concealing the identity of customers in international money transactions. Manhattan D.A. Robert Morgenthau says in addition to paying a massive forfeiture, the company also tarnished its reputation:

MORGENTHAU: Credit Suisse abused its standing as a leader in international banking by intentionally processing these illegal payments.

REPORTER: Morgenathau says between this case and another recent bank forfeiture - his office has helped turn over a half billion dollars to the city and state in settlement money. He retires this month. For WNYC, I'm Kathleen Horan.