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ZURICH (Reuters) – Credit Suisse has settled a 2012 New York state lawsuit alleging misconduct over residential mortgage-backed securities (RMBS), with a source familiar with the deal saying the bank would pay much less than prosecutors had originally sought men sterling silver cufflinks. The settlement, which was made last week, takes Credit Suisse a step closer to wrapping up an expensive chapter linked to the financial crisis a decade ago, although some civil claims remain unresolved. “Credit Suisse is pleased to have settled this legacy case,” the bank said in a statement, confirming the deal, though not what it is paying in the pact with the New York State Attorney General’s office..
The source told Reuters on Monday the latest figure the Swiss bank must pay related to U.S. mortgage-backed securities is in the low, two-digit millions of dollars, confirming a weekend report in Swiss newspaper Ostschweiz am Sonntag men sterling silver cufflinks. In what had been an $11 billion complaint filed in November 2012, then-New York Attorney General Eric Schneiderman accused Credit Suisse of misrepresenting the quality of loans underlying mortgage-backed securities it sold in 2006 and 2007. The New York AG’s office could not be reached for comment..
Credit Suisse shares were down 0.1 percent at 1145 GMT, while the Stoxx Europe 600 Banking Index was down 0.5 percent men sterling silver cufflinks. Schneiderman had contended Credit Suisse’s inappropriate marketing of defective bonds resulted in heavy investor losses when the global financial crisis struck. In June 2018, however, New York State’s highest court limited the scope of the case, saying the claims were subject to a three-year statute of limitations, not six years as Schneiderman had wanted. In a previous settlement of charges by the U.S. Department of Justice, Credit Suisse agreed to pay $5.3 billion in fines and consumer relief after the Zurich-based bank acknowledged home loans it pooled into the securities did not meet underwriting guidelines. The bank now says the total sum may come to half that. [reut.rs/2VzMkxO]..
KUALA LUMPUR (Reuters) – A Malaysian court on Monday refused bail to former Goldman Sachs banker Roger Ng, pending his extradition to the United States where he faces charges related to suspected money laundering of funds siphoned off from state fund 1MDB. Ng has been detained in Kuala Lumpur since Nov. 1, shortly after the U.S men sterling silver cufflinks. Department of Justice announced charges against him, another Goldman Sachs official Tim Leissner, and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad (1MDB)..
Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Low has denied wrongdoing and remains at large. Malaysian prosecutors have filed separate criminal charges against the three, as well as an application to extradite Ng to the United States. Goldman Sachs has consistently denied wrongdoing. Defense lawyer Tan Hock Chuan last week requested that Ng be released on bail on medical grounds, pending the outcome of the extradition proceeding men sterling silver cufflinks.