Credit Suisse To Pay Texas $1.4M In ARS Fines

Law360, New York (January 27, 2010, 6:16 PM EST) -- Credit Suisse Securities (USA) LLC has negotiated a $1.37 million fine with Texas securities regulators, resolving yet another prong of a multistate investigation into the Swiss firm's role in the now-defunct auction rate securities market.

The settlement, outlined in a consent order signed by Texas Securities Commissioner Denise Voigt Crawford on Monday, is part of an agreement between Credit Suisse and about a dozen states requiring the firm to pay $15 million in penalties.

“This particular settlement represents the formalization of Credit Suisse's settlement with Texas,”...
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