UBS is set to pay at least hundreds of millions of dollars to settle violations by Credit Suisse of an earlier agreement with the U.S. Justice Department over American clients who evaded taxes, people familiar with the matter said.

A settlement could come as soon as this week, one of the people said. Prosecutors have weighed how best to punish Credit Suisse since it came under new ownership via a rescue by UBS in 2023. It could be one of the last big actions for the Justice Department under the departing Biden administration, which promised to crack down on repeat corporate offenders.