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2022-10-18

Credit Suisse Pays $495 Million to Settle Legacy Case

(Reuters) -Credit Suisse has agreed to pay $495 million to settle a case brought against it in the U

Credit Suisse Pays $495 Million to Settle Legacy Case

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the bank said in a statement.</p><p>&#34;The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to pro-actively resolve litigation and legacy issues.&#34;</p><p>Credit Suisse&#39;s chairman Axel Lehmann last week pledged to reform the bank after a &#34;horrible&#34; 2021 in which it lost billions of dollars.</p><p>Switzerland&#39;s second biggest bank is trying to recover from a series of scandals, including losing more than $5 billion from the collapse of investment firm Archegos last year, when it also had to suspend client funds linked to defunct financier Greensill Capital.</p><p>The bank, one of the largest in Europe and one of Switzerland&#39;s global systemically important banks, has had to raise capital, halt share buybacks and cut its dividend, but its recovery efforts have been hampered by a string of legal scandals.</p><p>In June, the bank was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang.</p><p>A Bermuda court ruled in March that former Georgian Prime Minister Bidzina Ivanishvili and his family were due damages of more than half a billion dollars from Credit Suisse&#39;s local life insurance arm.</p><p>Last October, Credit Suisse pleaded guilty to defrauding investors over an $850 million loan to Mozambique meant to pay for a tuna fishing fleet and is paying U.S. and British regulators $475 million to settle the case.</p><p>The U.S. Justice Department is also investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.</p><p>Credit Suisse, whose share price has more than halved in the last 12 months, is scheduled to release details of a much anticipated strategic review alongside third-quarter results on Oct. 27.</p></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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