C Suisse settles mortgage-backed securities lawsuit

Gavel

Credit Suisse said it settled lawsuits brought by Massachusetts Mutual Life Insurance Co. over the sale of mortgage-backed securities before the financial crisis.

The bank will take a $79.5 million charge in the third quarter for costs not covered by existing reserves, the Zurich-based bank said in a statement Thursday.

Bloomberg News reports that the settlement resolves two lawsuits and relates to the sale of 19 residential mortgage-backed securities.

Credit Suisse has settled a number of mortgage-related claims in the past year as CEO Tidjane Thiam seeks to put an end to outstanding legal issues and refocus the firm on wealth management.

Hit the link below to access the complete Bloomberg News article:

Credit Suisse Takes $80 Million Charge on MassMutual Settlement

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