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Credit Suisse finalizes $5.3 bln mortgage deal with U.S.

Reuters - UK Focus

By Karen Freifeld

NEW YORK, Jan 18 (Reuters) - Credit Suisse (IOB: 0QP5.IL - news) formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis, the U.S. Department of Justice said said on Wedenesday.

Zurich-based Credit Suisse will pay a $2.48 billion cash penalty and provide $2.8 billion in consumer relief, the Justice Department said in a statement.

Credit Suisse had announced the agreement in principle on Dec (Shanghai: 600875.SS - news) . 23. (Reporting By Karen Freifeld; Editing by Chizu Nomiyama)