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Credit Suisse Reaches Settlement of Massachusetts Mutual Life Insurance Company Litigation Relating to Mortgage-backed Securities

Credit Suisse announced today that it has reached a final settlement with Massachusetts Mutual Life Insurance Company (MassMutual), related to its legacy Residential Mortgage-Backed Securities (RMBS) business – a business conducted through 2007.

The agreement with MassMutual settles claims pending in the United States District Court for the District of Massachusetts related to the sale of 19 residential mortgage-backed securities certificates in 2006 and 2007. The agreement resolves all claims in the two pending securities lawsuits filed by MassMutual against Credit Suisse: MassMutual v. DLJ Mortgage Capital, Inc., et al. and MassMutual v. Credit Suisse First Boston Mortgage Securities Corp., et al.

Credit Suisse is pleased to have reached an amicable settlement with MassMutual that allows the bank to put this legacy matter behind it.

Credit Suisse will take a pre-tax charge of approximately USD 79.5 million in addition to its existing reserves against this matter. This charge will be taken in its 3Q 2017 financial results, which will be announced on November 2, 2017.