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Credit Suisse to pay $5.3 billion to settle DOJ probe

Staff Writer |
Credit Suisse Group has settled a U.S. probe into the Swiss bank's selling of mortgage-backed securities before the financial crisis for about $5.3 billion.

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Zurich-based Credit Suisse, one of several European banks that have been working toward a settlement on the mortgage-backed securities issue, said its deal includes a penalty from the Justice Department of $2.48 billion, and consumer-relief payments of about $2.8 billion, to be paid over five years.

The bank said it would take a $2 billion charge to its results in the current quarter.

The settlement is still subject to the "negotiation of final documentation," the bank said.


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