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Bank: Arrangement between Credit Suisse and US shareholders – Switzerland

The big bank Credit Suisse (CS) has agreed to a payment of $ 15.5 million (CHF 14.6 million) in a dispute with shareholders in the United States. This is evident from the court files released on Friday.

The dispute related to impairments totaling one billion dollars (940 million francs) that the Swiss bank had made in early 2016 on subprime loans. The plaintiffs, led by four pension funds, considered themselves deceived by the management of the time of the bank because before these depreciations, the latter had spoken of “complete” control of the risks concerning these credits.

Credit Suisse had dismissed the charges of deception. No admission of guilt is associated with the arrangement. It has yet to be approved by a Manhattan federal court. (ats / nxp)

Created: 11.07.2020, 04h07

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