Credit Suisse To Pay $400M In Failed Credit Union RMBS Deal

Law360, New York (May 3, 2017, 4:01 PM EDT) -- Credit Suisse Securities USA LLC has agreed to pay $400 million to settle claims that it sold toxic residential mortgage-backed securities that led to the failure of three credit unions, the federal credit union regulator said Wednesday.

The settlement brings to a close nearly five years of litigation over Credit Suisse's alleged misstatements in the sale of residential mortgage-backed securities. (AP) The settlement between the National Credit Union Administration and one of Switzerland's largest banks brings to a close nearly five years of litigation over Credit Suisse's alleged misstatements in the sale of residential mortgage-backed securities, which led to the failure...

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