23 December 2016

Deutsche, Credit Suisse to compensate consumers post-crisis

This Aug. 1, 2014 file photo shows a logo of Swiss bank Credit Suisse in Zurich, Switzerland. Credit Suisse says Friday, Dec. 23, 2016 it has reached a settlement totaling nearly US dollar 5.3 billion with U.S. authorities in connection with its mortgage-backed securities business during the run-up to the 2008 financial crisis.
Nine years after the collapse of the U.S. housing market sent shockwaves through the global economy, two European banks have agreed to offer American homeowners and borrowers billions of dollars' worth of help under a settlement related to the sale of risky securities that helped spark the 2008 crisis.
Deutsche Bank and Credit Suisse said Friday they agreed to the tentative settlements with the U.S. Justice Department over their dealings in mortgage-backed bonds.