Credit Suisse Group Announces Settlement in French Legacy Case

Credit Suisse announces today that it has reached a settlement with the Parquet National Financier (PNF) to resolve a legacy matter in relation to an investigation into historical cross-border private-banking services.

The settlement provides for a public interest fine comprising a profit disgorgement of EUR 65.6 million and the payment of an additional amount of EUR 57.4 million. Further Credit Suisse will pay EUR 115 million to the French State as damages.

"The settlement does not comprise a recognition of criminal liability. The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues,"Credit Suisse said in the announcement.

Credit Suisse recently launched a process that could see its U.S. asset management arm sold as the troubled Swiss bank seeks to reshape its business after multiple scandals.