April 3, 2014 / 5:36 AM / 4 years ago

Credit Suisse doubles its litigation provisions

ZURICH, April 3 (Reuters) - Credit Suisse has doubled its litigation provisions as it increased the funds it has set aside to settle an ongoing U.S. tax probe and avoid prosecution for helping Americans evade taxes.

Switzerland’s second-biggest bank said in its annual report published on Thursday that it has 2.33 billion Swiss francs ($2.63 billion) in litigation provisions compared to 1.16 billion a year earlier.

The bank said it has updated its fourth-quarter results to reflect an additional after-tax charge of 468 million related mainly to an increase in provisions for the U.S. tax probe. ($1 = 0.8860 Swiss Francs) (Reporting by Caroline Copley)

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