The major bank Credit Suisse (CS) has agreed to a payment of $ 15.5 million in a dispute with shareholders in the United States. This is evident from the court files released on Friday.
The dispute related to impairments totaling one billion dollars that the Swiss bank had made in early 2016 on subprime loans. The plaintiffs, led by four pension funds, felt deceived by the management of the time of the bank because before these impairments, the latter had spoken of “complete” risk control over these credits.
Credit Suisse had dismissed the charges of deception. No admission of guilt is associated with the arrangement. It has yet to be approved by a Manhattan federal court.
