Credit Suisse has paid $400 million to settle a U.S. regulator’s claims that the bank’s improper sales of mortgage-backed securities contributed to the collapse of three corporate credit unions. The agreement with the National Credit Union Administration resolves allegations in a 2012 lawsuit filed by the agency over the bank’s sales to corporate credit unions. The bank settled the issue without admitting or denying wrongdoing. The settlement is tied to losses at U.S. Central Federal Credit Union, Southwest Corporate Federal Credit Union and Western Corporate Federal Credit Union. It follows a related judgment in which NCUA was awarded about $60 million in a separate lawsuit against the lender in federal district court in New York.
