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Credit Suisse to get $385M under legacy claims deal with Lehman

Credit Suisse Group AG will receive a payment of $385 million under an agreement with Lehman Brothers Holdings Inc. to resolve legacy claims dating back to 2009, subject to court approval.

The amount is less than the $1.19 billion Credit Suisse originally sought from Lehman Brothers. The claims relate to terminated derivatives transactions between the two firms.

Credit Suisse said it expects a profit and loss impact of about $70 million within its strategic resolution unit based on the terms of the agreement, noting that the amount is consistent with existing guidance for 2018 and will have no material impact on the bank.