1. Credit Suisse Agrees $5.3 Billion DoJ Settlement on Mortgage Claims

    Credit Suisse Agrees $5.3 Billion DoJ Settlement on Mortgage Claims

    Credit Suisse said Friday that it has agreed a $5.3 billion settlement with the U.S. Department of Justice over allegations of mis-selling mortgage bonds into the global financial crisis. Credit Suisse will pay a civil penalty of $2.48 billion and provide customer relief for a further $2.8 billion, paid out over five years the company said in a statement. The penalty will cause the bank to take a pre-tax charge of around $2 billion, the bank said.

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    1. This settlement would release Credit Suisse from potential civil claims by the DOJ related to its securitization, underwriting and issuance of RMBS.
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