Zurich-based Credit Suisse has reached a settlement with the New York State Department of Financial Services relating to foreign exchange rates.
The agreement with the Department of Financial Services (DFS) settles claims relating to Credit Suisse’s voice and electronic FX trading business between 2008 and 2015, according to a press release sent on Tuesday night.
Apparently, Credit Suisse utilized a range of measures that included chatroom cartels, anti-competitive business practices and software designed to automatically swindle the Swiss banks own customers, the «New York Post» wrote in an article on Tuesday.
Charge in 4Q 2017 Results
The Swiss bank does not admit to any findings of fact and the resolution does not involve any fraud-based violations, the bank writes. The consent order reflecting the agreement resolves all matters.
Credit Suisse will take a pre-tax charge of approximately $135 million. This charge will be taken in its fourth quarter 2017 financial results, which will be announced on February 14, 2018.
