- Credit Suisse Group AG CS will Counting $495 million final settlement with the New Jersey Attorney General (NJAG) in connection with its Residential Mortgage-Backed Securities (RMBS) business, with transactions dating from before 2008.
- The Attorney General claimed over $3 billion in damages in a lawsuit filed in 2013.
- Credit Suisse recently reached out to investors for the fourth time in around seven years raise fresh capital.
- The attorney general’s office alleged that Credit Suisse “deceived investors and engaged in fraud or deception in connection with the offering and sale of RMBS,” Reuters reported.
- “Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims from a regulator and the largest of its remaining exposures to its legacy RMBS dossier,” the bank said in a statement.
- “The settlement, for which Credit Suisse is fully prepared, marks another important step in the bank’s efforts to proactively resolve litigation and legacy issues.”
- Last month, Credit Suisse announced plans to cut around 5,000 jobs as part of a move Drive to reduce costs.
- The ailing Swiss bank is also considering splitting up its ailing investment bank shop in three parts.
- Price promotion: CS shares are up 2.96% to $4.52 during the premarket session last check Monday.
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