Credit Suisse AG Reaches Agreement with Lehman Brothers Holdings Inc.
New York, June 12, 2018 - Credit Suisse AG and certain of its subsidiaries (“Credit Suisse”) are pleased to have reached an agreement with Lehman Brothers Holdings Inc. and certain of its subsidiaries (“Lehman”) 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 USD385 million. Based on the terms of the agreement, Credit Suisse expects a non-material PnL impact of approximately USD 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.
We remain on track with the wind down of our SRU division by end of 2018.