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Credit Suisse Pays $495 Million to Settle Legacy Case

Credit Suisse Pays 5 Million to Settle Legacy Case

ZURICH (Reuters) – Credit Suisse said on Monday it had agreed to pay $495 million to settle a case related to pre-2008 deals related to its mortgage-backed securities business.

The bank said it has reached a final settlement with the Attorney General of New Jersey to resolve claims related to more than $10 billion in RMBS issued.

The attorney general’s office had demanded more than $3 billion in damages in a 2013 case.

โ€œCredit Suisse is pleased to have reached an agreement allowing the bank to resolve the only remaining RMBS matter involving claims on the part of the regulator and its largest remaining exposure in the legacy RMBS schedule,โ€ the bank said in a statement.

“The settlement, which is being provided entirely to Credit Suisse, represents another important step in the bank’s efforts to proactively resolve litigation and inheritance issues.”

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