Credit Suisse has agreed to pay $495 million (CHF496 million) to settle a case brought against it in the United States, the latest pay-out related to past blunders that have battered the Swiss bank’s reputation.
This content was published on
2 minutes
Reuters/swissinfo.ch/ts
Español
es
Credit Suisse acuerda pago de 495 millones en EE UU
Credit Suisse said it would make the pay-out to settle claims brought by the New Jersey Attorney General related to the bank’s residential mortgage-backed security (RMBS) business before 2008.
The attorney general’s office alleged that Credit Suisse had “misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS”.
“Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket,” the bank said in a statementExternal link.
“The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to pro-actively resolve litigation and legacy issues.”
More
More
Credit Suisse lurches from one risk management crisis to the next
This content was published on
Are scandals at Archegos and Greensill an unlucky coincidence or symptomatic of a wider failing at Credit Suisse?
Last month it was reported that the embattled Swiss bank was planning to cut around 10% of its workforce as part of a major cost cutting drive.
The scale of the potential job cuts came in the wake of a string of scandals and mounting legal fees. In June, Credit Suisse was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang in Switzerland’s first criminal trial of one of its major banks. The bank is appealing the verdict.
The bank is also still dealing with the impact of losses associated with the collapsed Archegos hedge fund and Greensill financial group.
More
More
Dixit Joshi: the new Credit Suisse CFO facing a daunting challenge
This content was published on
The British-South African banker will need his experience at Deutsche Bank to help steer the troubled Swiss bank.
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Tariffs: Swiss index SMI down sharply in pre-market trading
This content was published on
The trade war unleashed by US President Donald Trump is causing a sell-off. According to experts' calculations, the leading Swiss SMI index is likely to fall by around 2%.
Switzerland wants to spend CHF47 million on armed drones
This content was published on
The Swiss authorities are keen to buy long-distance combat drones as soon as possible, according to a Sunday newspaper report.
Trump tariffs: ‘I’m a bit perplexed’, says former US ambassador to Switzerland
This content was published on
The former US ambassador to Switzerland, Edward McMullen, says he is optimistic for the Alpine country with regard to the 31% tariff on imports imposed by US President Donald Trump.
Swiss Federal Court upholds Beny Steinmetz’s bribery conviction
This content was published on
Switzerland's highest court has upheld the conviction of French-Israeli mining magnate Beny Steinmetz for bribery of foreign public officials.
This content was published on
The Trump administration has imposed a 31% tariff on imports from Switzerland. Swiss President Karin Keller-Sutter has warned against "giving in to alarmism" in an interview published on Saturday,
Credit Suisse sacks managers over Greensill scandal
This content was published on
The Credit Suisse bank has fired the managers overseeing a multi-billion-dollar strategy linked to funds of the failed Greensill Capital.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.