Credit Suisse to pay $50m to National Credit Union Administration

According to a letter filed Wednesday in New York federal court, Credit Suisse is to pay the National Credit Union Administration board $50.3m so as to settle allegations it lied about the quality of mortgage-backed securities it sold to two now defunct credit unions.

By Dani Kass (April 13, 2016, 7:07 PM EDT) -- After adding in prejudgment interest, Credit Suisse will pay the National Credit Union Administration board $50.3 million to settle allegations that the Swiss bank lied about the quality of mortgage-backed securities it sold to two since-failed credit unions, according to a letter filed Wednesday in New York federal court....

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