Credit Suisse is close to settling a fight over demands against bankrupt Lehman Brothers. It may not go all the way it had hoped it would.
The legal dispute revolves around claims by Credit Suisse against the former Lehman Brothers about costs the Swiss bank said it incurred by replacing derivatives trades. The agreement may reduce the $1.2 billion claim to $385 million, according to «Bloomberg» report.
The agreement is now said to be close, but the issue had been complicated by the fact that the bank had sold most of the claim to hedge funds, according to the report. This implied that Credit Suisse would have to compensate with interest if the claim wasn’t upheld, according to «Bloomberg».
Settlement Expected
Credit Suisse told Swiss news agency «AWP» that it expected to settle the legal dispute without material, financial effects on the bank. Potential effects are included in the current business year in the Strategic Resolution Unit.
