Credit Suisse has agreed to pay more than $29m to resolve a U.S. regulator's claims that it sold toxic mortgage-backed securities to credit unions that later failed, according to court papers filed last week.
Reuters reports that the deal, disclosed in a filing in federal court in Manhattan, resolves one of several lawsuits by the National Credit Union Administration against banks over their sale of mortgage-backed securities before the 2008 financial crisis.
The deal boosts to more than $2.5bn the amount the NCUA has recovered from banks through lawsuits it began filing in 2011, the U.S. regulator said.
NCUA Board Chairman Debbie Matz said in a statement the regulator would "continue to aggressively pursue recoveries against Wall Street firms that contributed to the corporate crisis."
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