Credit Suisse Is Near Lehman Derivatives Settlement

Credit Suisse AG is closing in on an agreement to settle a $1.2 billion derivatives demand against bankrupt Lehman Brothers Holdings Inc., reducing the claim to $385 million, according to a person with knowledge of the matter. The settlement would end a 10-year fight over costs the Swiss lender said it incurred to replace tens of thousands of derivatives trades it had entered with Lehman before its collapse in 2008. Lehman had accused Credit Suisse of inflating its claim by over $1 billion.