WATCH: Credit Suisse said it would make a pay-out of $495 million to settle claims brought by the New Jersey Attorney General related to the bank's residential mortgage-backed security business before 2008
Credit Suisse says settlement is fully covered by provisionsZURICH, Oct 17 - Credit Suisse
The decline in mortgage payments reduced the value of the assets, leading to huge losses for investors.Switzerland's second biggest bank is trying to move on from these legacy issues which have dogged its performance and cost it billions ofThe bank is also trying to recover from other missteps, including losing more than $5 billion from the collapse of investment firm Archegos last year, when it also had to suspend client funds linked to defunct financier Greensill Capital.
These are expected to be resolved in the next six months, a person familiar with the matter told Reuters. The total cost likely to be much less than $100 million, the source added.
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