Credit Suisse: increases provision for potential judgment
(CercleFinance.com) - Credit Suisse said on Tuesday it would book an additional 300 million dollar provision to cover the potential resolution of a legal dispute with US bond insurer MBIA.
Last night, a judge issued an order requiring both parties to submit estimates of damages, which could result in a judgment against Credit Suisse of up to 680 million dollars, the Swiss private bank said.
Credit Suisse - which has already booked 300 million dollars of charges relating to the case - said it will increase its provisions as a result of the order.
The money manager has been in a legal dispute with MBIA in New York since 2009 relating to warranties regarding a US residential mortgage backed security (RMBS) issued in 2007, at the height of the subprime crisis.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Last night, a judge issued an order requiring both parties to submit estimates of damages, which could result in a judgment against Credit Suisse of up to 680 million dollars, the Swiss private bank said.
Credit Suisse - which has already booked 300 million dollars of charges relating to the case - said it will increase its provisions as a result of the order.
The money manager has been in a legal dispute with MBIA in New York since 2009 relating to warranties regarding a US residential mortgage backed security (RMBS) issued in 2007, at the height of the subprime crisis.
Copyright (c) 2020 CercleFinance.com. All rights reserved.