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Credit Suisse reaches settlement with New York, pre-tax charge $135 million

Staff Writer |
Credit Suisse announced that it has reached a settlement with the New York Department of Financial Services (DFS) related to the conduct of its Foreign Exchange (FX) Rates business.

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The agreement with the DFS settles claims relating to Credit Suisse’s voice and electronic FX trading business between 2008 and 2015.

Credit Suisse does not admit to any findings of fact and the resolution does not involve any fraud-based violations. The consent order reflecting the agreement resolves all matters.

Credit Suisse is pleased to have reached a settlement with the DFS that allows the bank to put this matter behind it.

Credit Suisse will take a pre-tax charge of approximately $135 million. This charge will be taken in its 4Q 2017 financial results, which will be announced on February 14, 2018.

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