Swiss Flat, Credit Suisse Rises After Deal With U.S.

By RTT News, 
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(RTTNews.com) - Swiss stocks were flat on Tuesday, even as shares of Credit Suisse rose when the bank finally settled its U.S. tax evasion case.

The Swiss Market Index was down 0.12 percent and 8,635.61, but remains up nicely from a month ago.

Credit Suisse pleaded guilty to conspiracy to aid and assist U.S. taxpayers in filing false income tax returns.

The bank will pay a total of $2.6 billion, including $1.8 billion to the Department of Justice for the U.S. Treasury.

Credit Suisse shares rose 1 percent, while rival banks were lagged behind.

Roche and Novartis both declined fractionally, as did food giant Nestle.

Novartis has acquired from Ophthotech exclusive rights to market the eye drug candidate Fovista outside the U.S., while retaining U.S. marketing rights, in a deal that could net Opthotech more than $1 billion.

Hearing aid maker Sonova forecast another year of double-digit earnings growth. Shares rose 2.3 percent.

Ypsomed Holding Group, a maker of injection pens, named Simon Michel as chief executive to succeed his father on July 1.

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This article appears in: News Headlines

Referenced Stocks: CS , NSRGY , NVS , OPHT , RHHBY

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