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CS takes legal action over data theft

The Credit Suisse bank has lodged a legal complaint over the theft of stolen client data to Germany in a row over tax evasion.

“We still don’t know whether there is a CD containing data of CS clients. But we handed in the complaint against parties unknown,” CS chairman Hans-Ulrich Doerig told the Neue Zürcher Zeitung newspaper.

He added that the bank had no official knowledge of data theft, but it assumed from reports that its clients were among the victims.

Prosecutors in the Germany state of North-Rhine Westphalia last week launched about 1,100 investigations for suspected tax fraud based on information about clients of Swiss banks and financial advisors.

On Friday Switzerland and Germany announced they reached agreement in principle on a new double-taxation accord.

The deal is aimed at clarifying tax disclosure rules for Switzerland’s multi-trillion-dollar wealth management industry.

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