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The U.S. government has finally backed up its boast that no bank is too big to jail, if by “jail” you mean “vigorously slap on the wrist.”

The Justice Department on Monday filed criminal charges accusing Swiss banking giant Credit Suisse of conspiring to help U.S. customers dodge taxes. The bank pleaded guilty to the charges, breaking from a recent tradition of letting banks defer prosecution. Credit Suisse also agreed to pay about $2.6 billion to settle the claims brought by the Justice Department, the Federal Reserve and New York State.

“This case shows that no financial institution, no matter its size or global reach, is above the law,” Attorney General Eric Holder said in a press release announcing the settlement.

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CREDIT SUISSE

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