Credit Suisse to pay MBIA $600M settlement

Friday, 12. February 2021 19:40

Credit Suisse Group confirmed on Friday the resolution of its lawsuit with credit insurer MBIA Inc, in which the bank decided to settle the long standing case with a $600 million payment.

The settlement will end a 12-year-old legal case, in which MBIA accused the Swiss bank of misrepresenting the quality of loans in residential mortgage-backed securities that MBIA insured.

The settlement amount lands in between the $604 million that the New York state judge ruled in January 2021 and the $680 million that MBIA originally sought in court.

Related Links: MBIA Inc.Credit Suisse Group
Breaking the News / LH