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Credit Suisse has quite enough legal and regulatory problems at home, it must be said. Between the Bulgarian mafia money laundering, client-swindling and internal espionage, the bank’s in-house lawyers and compliance people are plenty busy. And that’s before we even get into the $3 billion-plus in lawsuits it still faces stemming from its mortgage-backed securities bonanza pre-crisis that turned into lots of other people’s problems post. So you can forgive the bank for rather eagerly putting one of those crisis-era lawsuits behind it—one it has already lost, it must be said—especially seeing as how suddenly reasonable the plaintiffs therein are feeling.

Credit Suisse Group AG agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in the 2008 financial crisis…. The plaintiff, MBIA Insurance Corp., said late Thursday that it had reached an agreement, after a post-trial court decision that ordered the Swiss bank to pay about $604 million in damages. The settlement means there will be no appeal trial….

MBIA had been seeking $686.7 million plus interest while Credit Suisse had estimated damages of $597.7 million.

Credit Suisse may not be very good at spying, but it’s right on the money predicting how much its malfeasance will cost.

Credit Suisse Pays $600 Million to Settle U.S. Mortgage Case [Bloomberg]


Photo: Getty Images.

Credit Suisse Can Lose Nine Figures In All Sorts Of Ways

The financial crisis is still very much ongoing in Zürich.

Photo: Getty Images.

Credit Suisse Basically Headquartered In Court These Days

It’s not like the bank’s got other pressing issues it needs to deal with now, right?

Photo: Getty Images.

Credit Suisse Out Another Half-Billion Dollars

That board shakeup makes ever more sense now.


Credit Suisse: Law Designed To Protect Our Clients Actually Protects Us From Them

Hey, when you’re in Thomas Gottstein’s shoes, you’ll grasp at any disreputable straw you can find.

This makes us a quant, right? By No machine-readable author provided. Skies assumed (based on copyright claims). [Public domain], via Wikimedia Commons

Credit Suisse To Pull BlackBerrys, Apple IIes Out Of Storage

There’s nowhere else to cut, so we hope the Swiss are good at long division.

Photo: Getty Images.

Credit Suisse Much Better At Not Asking Uncomfortable Questions Than It Is At Spying

You don’t become the bank of choice for Eastern European gangsters by posing too many.

Photo: Getty Images.

Credit Suisse Shareholders Open Door To Lawsuits, Simultaneously Begin Filing Them

A modicum of competence and attention to fiduciary duties may be necessary to get that legal liability discharge.