Credit Suisse to pay USD79.5 million for MassMutual’s MBS losses

International Breweries

Swiss investment banking major, Credit Suisse has just disclosed that it will pay mortgage-backed securities about 79.5 million to Massachusetts Mutual Life Insurance to settle the latter’s losses from residential mortgage-backed securities.

Credit Swiss said the settlement will be taken from its third quarter earnings.

“The agreement with MassMutual settles claims pending in the United States District Court for the District of Massachusetts related to the sale of 19 residential mortgage-backed securities certificates in 2006 and 2007,” Credit Suisse said in a statement.

“The agreement resolves all claims in the two pending securities lawsuits filed by MassMutual against Credit Suisse,” the company said.

Leave a Reply

Your email address will not be published. Required fields are marked *