Credit Suisse resolves US mortgage probe for US$5.3b

Zurich

CREDIT Suisse Group AG and the Justice Department completed a US$5.3 billion agreement to settle a US investigation into the bank's sales of toxic mortgage debt before the financial crisis.

Credit Suisse will pay a US$2.5 billion civil penalty and US$2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said on Wednesday, in line with the bank's Dec 23 announcement of a preliminary resolution.