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Credit Suisse Sues to Recoup Part of $4.8 Billion Bank Bonus Tax
Credit Suisse Group AG is seeking to reclaim hundreds of millions in taxes from a controversial U.K. bonus levy that hit banker compensation in 2010. The Swiss lender is preparing for a London trial against the British tax authority over the one-off 50 percent tax on banker bonuses of more than 25,000 pounds, lawyers for the bank said at a court hearing Monday. Credit Suisse paid 440 million Swiss francs ($450 million) for the tax. The tax implemented by the Labour government in the wake of popular anger over lavish banker bonuses following the global financial crisis generated 3.4 billion pounds ($4.8 billion), ... (full story)
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