WASHINGTON May 19 New York Superintendent of
Financial Services Benjamin Lawsky said on Monday he had decided
not to initiate proceedings to revoke Credit Suisse's
New York license over its role in helping Americans evade taxes.
Lawsky said in a statement after Credit Suisse agreed to
plead guilty to U.S. criminal charges that the Swiss bank would
pay a $715 million penalty as part of an agreement with his
agency and be required to install an independent monitor as part
of the settlement.
He said an independent monitor would further review the
involvement of Credit Suisse employees in the misconduct. Lawsky
said Credit Suisse must fire certain individuals who were
previously indicted but were still being paid by the bank.
(Reporting by Eric Beech; Editing by Jim Loney)