Credit Suisse To Pay $400M To End Nat'l Century Fraud Suits
Law360, New York (March 14, 2013, 6:17 PM EDT) -- Credit Suisse Group AG on Thursday agreed to pay $400 million to settle multidistrict and other litigation brought by National Century Financial Enterprises Inc. bondholders, ending claims over its alleged role in the bankrupt health care finance company's $3 billion fraud scheme.
According to the bank, the deal ends all noteholder claims against it in New York, Ohio and any other courts for allegedly turning a blind eye to NCFE's Ponzi scheme while serving as a lender and underwriter to the company.
"This agreement represents a full and final settlement in respect of this noteholder litigation against Credit Suisse," the company...
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