Credit Suisse takes US$79.5m charge on MassMutual settlement
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New York
CREDIT Suisse Group AG said it has settled lawsuits brought by Massachusetts Mutual Life Insurance Co (MassMutual) over the sale of mortgage-backed securities before the financial crisis.
The lender will take a US$79.5 million charge in the third quarter for costs not covered by existing reserves, the Zurich-based bank said on Thursday. The settlement resolves two lawsuits and relates to the sale of 19 residential mortgage-backed securities.
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