Credit Suisse Reaches Deal With Lehman Brothers
(RTTNews.com) - Credit Suisse AG ( CS ) and certain of its subsidiaries reached an agreement with Lehman Brothers Holdings Inc. and certain of its subsidiaries to resolve legacy claims from 2009. The claims relate to terminated derivatives transactions between the two parties. The agreement remains subject to court approval.
Under the agreement, Credit Suisse's claims will be allowed in the Lehman bankruptcy in the total amount of US$385 million. Based on the terms of the agreement, Credit Suisse expects a non-material PnL impact of approximately US$70 million within its Strategic Resolution Unit (SRU).
As previously disclosed, this amount is consistent with its existing SRU guidance for 2018 and as such will not have a material impact to the bank.
Credit Suisse said it remain on track with the wind down of its SRU division by end of 2018.
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