Credit Suisse To Pay £5M Fine For Pricing Violations

Law360, New York (August 13, 2008, 12:00 AM EDT) -- Errors in the pricing of asset-backed securities have cost investment bank Credit Suisse Group £5.6 million in the form of a fine handed down by the U.K.'s Financial Services Authority.

The FSA, which imposed the fine on Wednesday, said that the bank's mis-pricing of asset-backed securities violated the agency's regulations on due diligence and effective controls. Regulators said that the errors in pricing, which in February led to a $2.85 billion write-down, “had the potential to undermine market confidence.”

"The penalty reflects our tougher stance on...
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