Credit Suisse in $885 million settlement

Credit Suisse settled a lawsuit with the FHFA over mortgage-back securities.

NEW YORK (CNNMoney)

The Swiss bank will pay $885 million to settle two lawsuits with the Federal Housing Finance Authority (FHFA) over $16.6 billion of mortgage-backed securities it sold between 2005 and 2007.

Credit Suisse is one of 18 banks and financial institutions sued in 2011 by the agency, which accused them of selling risky mortgage investments to backers Fannie Mae and Freddie Mac.

The settlement with Credit Suisse announced Friday is the ninth related to those lawsuits. Morgan Stanley (MS, Fortune 500) agreed to pay $1.25 billion in February and Deutsche Bank (DB)reached a $1.9 billion settlement in December. Societe Generale agreed to pay $122 million to the FHFA two weeks ago.

Related: Credit Suisse helped clients hide billions from IRS - Senate report

Though Credit Suisse agreed to pay, it did not admit to any wrongdoing, according to the settlement.

The payment will result in an aftertax charge of $311 million for 2013, which will result in a net loss for the final quarter of last year.

First Published: March 21, 2014: 3:42 PM ET

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