Credit Suisse Makes $180 Million Provision for Major Legal Costs
- Swiss lender trust fighting Singapore case against billionaire
- Bank’s 2022 legal settlements, damages already top $1 billion
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Credit Suisse Group AG has made a 178 million Swiss francs ($180 million) provision for major litigation costs in the third quarter to help account for a long list of lawsuits and investigations that it’s trying to draw a line under following years of scandals and losses that eroded investor confidence.
The Zurich-based bank said in a statement Thursday that it’ll continue to take a “proactive approach to reducing our litigation docket, including through the settlements of legacy cases such as the French cross-border matter and the New Jersey Attorney General RMBS case, for which we were fully provisioned.”