Credit Suisse Finalizes Mortgage Securities Probe with $5.3 Billion Settlement

[kreslik.news]

Credit Suisse Group AG finalized an agreement to pay U.S. authorities $5.3 billion to settle claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Wednesday.

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The Zurich-based bank will provide $2.8 billion in consumer relief over five years from the settlement in addition to a $2.48 billion cash penalty, following a final approval by its board of directors, it said in a statement. The Swiss lender had set ... (read more)