Credit Suisse has reached an in principle settlement with the US Department of Justice (DOJ) over the sale of legacy residential mortgage-backed securities (RMBS).
The Swiss banking giant would have to pay a civil monetary penalty of $2.48bn to the DOJ as part of the settlement.
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In addition, it would offer $2.8bn in consumer relief over five years after settlement.
The bank said that it would book a pre-tax charge of about $2bn on top of existing reserves in its fourth quarter results as a result of this settlement.
“This settlement is subject to the negotiation of final documentation and approval by the Credit Suisse Board of Directors,” the Swiss bank said.
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