Credit Suisse Admits Fault In $196M SEC Settlement

Law360, New York (February 21, 2014, 7:15 PM EST) -- Credit Suisse Group AG on Friday agreed to pay $196 million to the U.S. Securities and Exchange Commission after admitting it provided brokerage and investment advisory services to U.S. clients without first registering with the agency.

The bank acknowledged that its conduct violated U.S. securities laws, becoming the fifth defendant to admit wrongdoing in an SEC matter since the agency modified its settlement policy in June. Typically, settling defendants will neither admit nor deny the SEC’s allegations, but that practice has recently met with skepticism from...
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