Credit Suisse Group and U.K. subsidiary Credit Suisse Securities (Europe) on Tuesday reached an approximately $475 million global settlement with U.S. and U.K. authorities for the bank’s role in a long-running tainted loan corruption scheme.
According to Credit Suisse’s admissions and court documents filed in the U.S. District Court for the Eastern District of New York, between 2013 and March 2017, the bank, through its U.K. subsidiary, engaged in a global criminal conspiracy to defraud U.S. and international investors in connection with an $850 million fraudulent loan to a Mozambique state-owned entity for a purported tuna fishing project in Mozambique.
