Credit Suisse to Pay $5.3 Billion in US Mortgage Settlement
Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases. The lender will pay a $2.48 billion civil penalty and $2.8 billion in relief for people who were affected by the collapse in home prices.
“Credit Suisse has agreed to pay $5.28 billion to resolve a US investigation into its mortgage backed securities as officials go through the post crisis bank cases.”
This follows a $7.2 billion settlement in a related case from Deutsche Bank AG. The Justice Department has also sued Barclays for fraud over its sale of mortgage bonds after it hesitated at paying the penalty amount the government sought.
About Credit Suisse
Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.
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