Credit Suisse Resolves U.S. Mortgage Probe for $5.3 Billion
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Bank to pay $2.5 billion fine, $2.8 billion in consumer relief
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Pact leaves handful of open mortgage probes as Obama exits
Credit Suisse Group AG and the Justice Department completed a $5.3 billion agreement to settle a U.S. investigation into the bank’s sales of toxic mortgage debt before the financial crisis.
Credit Suisse will pay a $2.5 billion civil penalty and $2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said on Wednesday, in line with the bank’s Dec. 23 announcement of a preliminary resolution.
As part of the settlement, the bank conceded that it sold investments containing loans that it knew were likely to fail. The civil settlement doesn’t preclude the government from seeking criminal charges against the company or individual executives…
Credit Suisse Resolves U.S. Mortgage Probe for $5.3 Billion
