UBS Group (UBS) is close to agreeing to pay hundreds of millions of dollars to settle alleged violations of US tax laws by defunct Credit Suisse, The Wall Street Journal reported Thursday, citing unnamed people familiar with the matter.

A settlement with the US Justice Department could come as early as this week, the report said.

Credit Suisse, which was taken over by UBS following its 2023 collapse, agreed to pay $2.6 billion and shut down accounts of alleged American tax cheats but allegedly failed to provide US officials with the whereabouts of moved funds, leaving it open to further penalties, according to the news outlet.

UBS and the Department of Justice did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)