It's been a busy week for Credit Suisse's legal team. The bank has now settled a French case involving cross-border private banking services.
In a trifecta of legal cases over the past week or so, Credit Suisse settled two and prevailed in another, helping to put some of the issues plaguing the bank behind it, according to a statement on Monday.
Today's settlement with the Parquet National Financier (PNF) puts to rest a case related to the investigation of cross-border private banking services in which Credit Suisse stood accused of money laundering and tax evasion.
Price Tag
The settlement includes a public interest fine of 65.6 million euros ($64.7 million) comprising a «profit disgorgement», and another amount of 57.4 million euros. Credit Suisse will pay an additional 115 million euros to the French government in damages.
No Criminal Admission
Credit Suisse assumes no recognition of criminal liability in the case which the bank said is pleased to have resolved.
The result «marks another important step in the proactive resolution of litigation and legacy issues,» the statement said.
Resolved Cases
Last Monday, Credit Suisse reached an agreement to settle a US lawsuit related to residential mortgage-backed securities (RMBS) involving transactions before 2008 involving claims tied to over $10 billion of RMBS. That settlement came with a price tag of $495 million, as finews.com reported.
The bank got a better result last Friday when a jury in the US found that Credit Suisse did not conspire with the world’s biggest lenders to rig prices on the foreign exchange market between 2007 and 2013.
Strategy Review
On Thursday, Credit Suisse will release the much-anticipated results of the strategy review it announced on July 27, along with the appointment of cost-cutting CEO Ulrich Koerner.
