Credit Suisse to Pay $475 Million to Settle Mozambique Case (1)

Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis.

The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffetted by the Greensill and Archegos Capital Management scandals.

The legal agreement is the latest action in a multi-year, international saga resulting from $2 billion of debt deals that were supposed to help ...