UBS Group (NYSE:UBS) is close to paying hundreds of millions of dollars for alleged violations by Credit Suisse of an earlier agreement with the U.S. Justice Department regarding U.S. clients who evaded tax,

(Reuters) - UBS is set to pay a minimum of hundreds of millions of dollars to settle Credit Suisse's violations of an earlier agreement with the U.S. Department of Justice over customers in the U.S. who evaded tax, the Wall Street Journal reported on Thursday.

UBS reached a settlement with Mozambique in 2023 over the so-called tuna-boat scandal, in which Credit Suisse was alleged to have engaged in corrupt practices around the financing of a fishing fleet. In the same year, UBS agreed to pay $1.44 billion to settle a long running case of its own in the U.S., related to mortgage backed securities.

The banking giant is set to pay at least a nine-figure sum over collapsed lender's failure to cooperate with efforts to catch tax-evading clients, according to the Wall Street Journal.

A U.S. Senate committee found that Credit Suisse violated the plea deal made in 2014 by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700-million from the government