Credit Suisse is facing a $3.2bn suit in Italy as prosecutors probe the lender in a separate case, a sign litigation risks haven’t abated since a multi-billion settlement last year.
Bloomberg News reports that Fondazione Monte dei Paschi di Siena sued Credit Suisse and others over its advice on the acquisition of Banca Antonveneta SpA in 2008, the bank said in its annual report Friday.
The bank restated fourth-quarter earnings in February as litigation provisions for cases including U.S. probes into its sales of residential mortgage-backed securities rose. The outlook for more charges following the $2.6bn fine in the U.S. in 2014 prompted concerns among some investors that the bank may not reach its capital targets for this year.
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