Credit Suisse (CS) has settled a lawsuit with the bondholders of National Century Financial...

|About: Credit Suisse Group AG (CS)|By:, SA News Editor

Credit Suisse (CS) has settled a lawsuit with the bondholders of National Century Financial Enterprises, which collapsed in 2002 in a $2.9B fraud, in a deal that will cut 134M Swiss francs ($141M) from the bank's Q4 net profit. The investors - the state of Arizona, AllianceBernstein (AB), Lloyds (LYG), MetLife (MET) and Pimco - argued that as placement agent, CS should have known about the fraud. (previous)