Credit Suisse Group AG (CS) agreed to pay $400 million to a
group of investors, settling a lawsuit over the bank's role in
selling bonds of National Century Financial Enterprises Inc., which
filed for bankruptcy protection in 2002, Reuters reported
Thursday.
In addition to the settlement, which included the state of
Arizona, AllianceBernstein Holding LP (AB) and Allianz SE's (ALIZF)
Pimco unit, Credit Suisse reached separate undisclosed settlements
with plaintiffs Lloyds TSB Bank PLC and MetLife Inc. (MET), Reuters
reported.
The plaintiffs had alleged that Credit Suisse was aware National
Century had misused investor funds.
In a statement, Credit Suisse said the agreements represented "a
full and final settlement" of the noteholder litigation.
Full story at:
www.reuters.com/article/2013/03/14/creditsuisse-settlement-idUSL6N0C60Z120130314
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