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May 05, 2014 AT 1:40 PM
A person familiar with the matter said on Monday,Credit Suisse Group AG is in talks with the U.S. Justice Department to pay as much as $1.6 billion to resolve an investigation into the bank's role in helping Americans evade U.S. taxes. The penalty could be roughly twice the amount paid by UBS AG, which settled similar charges in 2009 for $780 million and agreed to identify its customers.