Credit Suisse to Pay $536M in Iran Case

Court papers say Credit Suisse Group will pay $536 million and admit to violating U.S. economic sanctions against Iran.

The settlement papers were filed in federal court in Washington.

The bank has long been under criminal investigation for business it did with countries subject to U.S. economic sanctions between 2002 and 2007.

Earlier this year, Lloyds TSB Bank PLC agreed to forfeit $350 million for helping customers skirt U.S. sanctions on business transactions with Sudan, Iran and Libya.

Credit Suisse said Tuesday it was near a settlement in talks with the Justice Department, Federal Reserve, Manhattan district attorney's office and the Treasury Department.

The Manhattan district attorney's office confirmed Tuesday it was negotiating with the bank.