ZURICH.- Credit Suisse agreed in principle to pay to the us authorities two thousand 480 million to settle lawsuits that accuse the bank of having misled investors about mortgage backed securities that sold before the 2008 financial crisis, said on Friday the swiss bank.
Credit Suisse also will bring two thousand 800 million dollars in relief for consumers during a period of five years, according to its statement, adding that the agreement is subject to negotiation of final documentation and the approval of its board of directors.
“Credit Suisse recorded a provision before tax of approximately two billion dollars in addition of the existing reserves already provided for these matters. The impact will be reflected in our results for the fourth quarter of 2016″, he added.
The final agreement is in line with the range of between five thousand and seven thousand millions of dollars that the Department of Justice of united States (DOJ, for its acronym in English) had been asked to pay to Credit Suisse during the negociacione.
The news comes after Deutsche Bank came to an agreement by seven thousand 200 million dollars with the Justice Department over its sale of mortgage-backed securities toxic.
The agreements highlight the efforts of the DOJ by blaming the european banks by the values of poor quality that contributed to the collapse of the housing market in the united States.
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