Credit Suisse announced today that it has reached a settlement with the Parquet National Financier (PNF) to resolve a legacy matter in relation to an investigation into historical cross-border private-banking services.

The settlement provides for a public interest fine comprising a profit disgorgement of EUR 65.6 million and the payment of an additional amount of EUR 57.4 million. Further Credit Suisse will pay EUR 115 million to the French State as damages.

Credit Suisse commented:

“The settlement does not comprise a recognition of criminal liability. The bank is pleased to resolve this matter, which marks another important step in the proactive resolution of litigation and legacy issues”.

Last week, Credit Suisse Group announced that it had reached a final settlement with the New Jersey Attorney General (NJAG) related to its Residential Mortgage-Backed Securities (RMBS) business with transactions dating back to before 2008.

Under the terms of the settlement, Credit Suisse will make a one-time payment of $495 million to fully resolve claims tied to more than $10 billion of RMBS at issue, for which the NJAG had alleged over $3 billion in damages in a litigation case filed in 2013.