(Bloomberg) -- Credit Suisse Group AG and the Justice Department finalized a $5.3 billion agreement to settle a U.S. investigation into the bank’s sales of toxic mortgage debt before the financial crisis.
Credit Suisse will pay a $2.5 billion civil penalty and $2.8 billion in consumer relief, to be paid over five years after the settlement, the Justice Department said on Wednesday, in line with the bank’s Dec. 23 announcement of a preliminary resolution. The Zurich-based bank has said it plans to take a pretax charge of about $2 billion in the fourth quarter, on top of existing reserves, to account for the settlement.
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