Credit Suisse Settles U.S. Mortgage-Backed Securities Probe for $5.3 Billion
December 23 2016 - 2:30AM
Dow Jones News
By John Letzing
ZURICH-- Credit Suisse Group AG said Friday it has settled a
U.S. probe into the Swiss bank's selling of mortgage-backed
securities before the financial crisis for about $5.3 billion.
Zurich-based Credit Suisse, one of several European banks that
have been working toward a settlement on the mortgage-backed
securities issue, said its deal includes a penalty from the Justice
Department of $2.48 billion, and consumer-relief payments of about
$2.8 billion, to be paid over five years.
As a result, the bank said it would take a $2 billion charge to
its results in the current quarter.
The settlement is still subject to the "negotiation of final
documentation," the bank said.
Write to John Letzing at john.letzing@wsj.com
(END) Dow Jones Newswires
December 23, 2016 02:15 ET (07:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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