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Credit Suisse to pay NCUA $50.3M for RMBS-related losses

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Credit Suisse to pay NCUA $50.3M for RMBS-related losses

will pay the NationalCredit Union Administration $50.3 million in damages and interest for RMBS-relatedlosses at Warrenville, Ill.-based MembersUnited Corporate FCU and Plano, Texas-based Southwest Corporate Federal Credit Union, according to anApril 12 news release.

Initially, itwas reported that the Switzerland-based bank offered to pay $29 million to settle the claims. But, withthe addition of prejudgment interest determined by the court, the amount went upto $50.3 million. The bank is also liable to pay attorneys' fees and expenses.

The NCUA saidlitigation is still pending against Credit Suisse for RMBS-related sales to ,U.S. Central Federal Credit Unionand Southwest.