Credit Suisse Group reaches settlement in French legacy case

Credit Suisse announced 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.