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.

By Seth Statnick

Reporter Seth Statnick was born and raised in California but moved east when he was 25. Apart from running his own consulting firm. Seth spends his time rowing. As a financial journalist Seth has published stories for NPR Business Online, as well as Buzz Feed and Motherboard. As a contributor to The Ticker Times, Seth mostly covers markets and trade. Tel: 206-332-0220 Location: 1304 6th Ave, Seattle, WA 98104, USA Email: [email protected]