How do you top losing the $450 million you invested in a hedge fund that doesn’t want to be a hedge fund anymore? Why, by losing a court case to the possible tune of $680 million, and then losing a whole bunch more.
The Zurich-based lender is facing costs of as much as $680 million after the New York judge presiding over the case ordered the bank and municipal-bond insurer MBIA to submit estimates of damages related to the mortgages, issued in 2007…. While the size of the new legal provision could still change, Credit Suisse plans to increase the amount it needs to set aside in the fourth quarter unless it hears from the judge in the case before the end of the year, according to a spokesman.…
Credit Suisse is among banks including Morgan Stanley, UBS Group AG and Nomura Holdings Inc. that are still defending themselves against claims on the sale of the securities that plummeted in value during the 2008 financial crisis, with billions of dollars at risk. Credit Suisse probably has the most exposure as it faces suits seeking more than $3 billion, according to Bloomberg Intelligence.
Credit Suisse for the first time has reached beyond Swiss borders and proposed outgoing Lloyds Bank Chief Executive António Horta-Osório should succeed Urs Rohner…. During his time at Lloyds, the Portuguese-born Horta-Osorio, 56, won plaudits for championing mental health issues at companies after he was signed off work for two months in 2011 for stress-induced insomnia and exhaustion.
Well this sure sounds like the perfect job for him, then.