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Credit Suisse to pay €150m to German prosecutor in tax settlement

CREDIT Suisse has agreed to pay €150m to end an investigation into employees of the Swiss bank in Germany by the public prosecutor's office in Dusseldorf.

"A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty," the bank said in a statement.

This week the German and Swiss governments are looking to sign a deal on taxing money stashed by German citizens in secret Swiss accounts.

The terms of the deal were struck in August when Switzerland and Germany agreed to tax money held by German citizens in secret accounts.

This amounts to an estimated 150bn Swiss francs (€124bn).

The agreement could set a model for agreements between Switzerland and other countries, although they still require the approval of the Swiss and German parliaments.

Credit Suisse has come under increasing scrutiny from prosecutors in Germany this year.

In August Duesseldorf's chief prosecutor Ralf Moellmann said his office intended to intensify its probe of Credit Suisse, after the bank's offices in Germany were raided in February as part of a broader clampdown on tax evasion.