Credit Suisse to Pay $495 Million to Settle Legacy RMBS Case (1)

Credit Suisse Group AG agreed to pay $495 million to settle the largest remaining case related to its role in selling residential mortgage-backed securities in the US that contributed to the 2008 financial crisis.

The Swiss bank said in a statement on Monday that it’s “fully provisioned” for the payment, which will resolve claims tied to more than $10 billion in such securities. The New Jersey Attorney General had alleged damages of $3 billion in a litigation case filed in 2013.

“Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS ...