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Credit Suisse Group announces settlement with SEC in US cross-border matter; US Department of Justice matter remains ongoing

Under the SEC settlement, Credit Suisse has agreed to pay CHF 174 million (USD 196 million) which was recorded in 4Q13 results as a litigation provision

Credit Suisse Group announces that it has reached a settlement with the United States Securities and Exchange Commission (“SEC”) of the SEC’s investigation of unregistered broker-dealer and investment advisor services to US clients. The administrative order filed today resolves the SEC’s investigation regarding Credit Suisse’s Private Banking cross-border brokerage and investment advisory services to US clients.

Under the SEC settlement, Credit Suisse has agreed to pay USD 196 million (CHF 174 million), which includes USD 82 million in disgorgement, USD 64 million in interest and a USD 50 million penalty. This full amount was covered by the increase in litigation provisions we took in the fourth quarter of 2013.

We are pleased to have resolved this issue with the SEC. The Department of Justice (DoJ) investigation into tax-related issues remains outstanding, and while we continue to work to resolve this matter, the timing and outcome remain uncertain.