Credit Suisse Gets Initial OK For $15.5M Write-Down Deal

Law360 (August 24, 2020, 9:02 PM EDT) -- A New York federal judge gave a preliminary green light Monday to a $15.5 million settlement between Credit Suisse and investors who sued the bank alleging it hid problems with risk management in its fixed-income franchise before $1 billion in write-downs in 2016.

The four pension funds who are leading the class asked U.S. District Court Judge Lorna G. Schofield in July to approve the $15.5 million cash settlement after the case's court-ordered mediation in March 2019.

The December 2017 lawsuit claimed Credit Suisse and several of its executives lied about risk limits and risk controls on its 2014 annual report,...

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