Credit Suisse reaches settlement with NY State Department
ZURICH, November 14, 2017
Credit Suisse has announced that it has reached a settlement with the New York Department of Financial Services (DFS) related to the conduct of its foreign exchange (FX) rates business.
The agreement with the DFS settles claims relating to Credit Suisse’s voice and electronic FX trading business between 2008 and 2015, a statement said.
Credit Suisse will take a pre-tax charge of approximately $135 million, it said.
"Credit Suisse does not admit to any findings of fact and the resolution does not involve any fraud-based violations. The consent order reflecting the agreement resolves all matters," a statement said.
"Credit Suisse is pleased to have reached a settlement with the DFS that allows the bank to put this matter behind it."
The $135 million charge will be taken in its 4Q 2017 financial results, which will be announced on February 14, 2018. - TradeArabia News Service
