Ank Kumar
UBS states that the payment will settle all remaining liabilities from a 2017 pact between Credit Suisse and the U.S. Department of Justice. According to the provisions of the agreement, Credit Suisse had to pay $5.7 billion in penalties and damages for deceiving investors who bought RMBS from them prior to the 2008 financial crisis.
“Credit Suisse knowingly provided false and reckless information regarding residential mortgage-backed securities, leading to billions in lost wealth and severe consequences for the lives of ordinary Americans,” stated U.S. Attorney General Loretta Lynch.
UBS consented to acquire struggling Credit Suisse for roughly $3 billion in 2023 and finalized the acquisition of the troubled bank in May 2024, taking on all of its rights and responsibilities.
source: reuters.com
“Credit Suisse knowingly provided false and reckless information regarding residential mortgage-backed securities, leading to billions in lost wealth and severe consequences for the lives of ordinary Americans,” stated U.S. Attorney General Loretta Lynch.
UBS consented to acquire struggling Credit Suisse for roughly $3 billion in 2023 and finalized the acquisition of the troubled bank in May 2024, taking on all of its rights and responsibilities.
source: reuters.com