Credit Suisse reaches $495mn mortgage settlement with US prosecutors
Credit Suisse has reached a $495mn settlement with US prosecutors over a case relating to financial crisis-era mortgage bonds, as the lender tries to draw a line under a swath of legal disputes racked up over the past decade.
The New Jersey attorney-general had filed a case against Credit Suisse in 2013 seeking up to $3bn of damages over the bank’s sale of residential mortgage-backed securities dating back to before 2008.
The bank said on Monday that it had struck a settlement with New Jersey authorities, adding that it had already provisioned for the full amount and that the case was the largest remaining one linked to RMBS it had needed to resolve.
This story originally appeared on: Financial Times - Author:Olaf Storbeck
