FINRA Tells Credit Suisse To Pay $406M Over ARS

Law360, New York (February 17, 2009, 12:00 AM EST) -- The Financial Industry Regulatory Authority on Monday ordered Credit Suisse Securities (USA) LLC to pay $406 million to STMicroelectronics NV to settle claims that the investment bank purchased auction rate securities without the authorization of the Swiss semiconductor maker.

According to a statement released by STMicroelectronics, FINRA, in a “full and final resolution of the issues submitted for determination,” awarded the total $406 million to cover compensatory damages, as well as interest, attorneys’ fees and consequential damages assessed to Credit Suisse.

In addition, according to the...
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