Credit Suisse to Pay $885 Million to Settle FHFA Lawsuits
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Credit Suisse Group AG, Switzerland’s second-biggest bank, agreed to pay $885 million to settle lawsuits by the Federal Housing Finance Agency over mortgages sold to Fannie Mae and Freddie Mac.
The company will book a charge of 275 million francs ($312 million) after taxes in the fourth quarter of 2013, resulting in a restatement of results to a net loss of 8 million francs for the period, the Zurich-based bank said yesterday.