New court order could potentially see Credit Suisse paying $680M

On Tuesday, in a statement Credit Suisse said, a judge who is presiding over a more than a decade long lawsuit regarding a U.S. residential mortgage backed security (RMBS) has asked it along with another party to issue estimates of damages, which could potentially result in a judgment against it to the tune of $680 million.

“While Credit Suisse believes that it has strong grounds for appeal, it has already taken provisions totalling $300 million in prior periods in connection with this case, and would expect to increase its RMBS-related provisions as a consequence of this order,” said the bank in a statement.

“We will provide an update on the impact on our 4Q20 results in due course.”

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