Stock Groups

Credit Suisse puts Bermuda court case hit at around $600 million -Breaking


© Reuters. FILE PHOTO: The brand of Swiss financial institution Credit score Suisse is seen at its headquarters on the Paradeplatz sq. in Zurich, Switzerland October 1, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) – Credit score Suisse (SIX:) expects a Bermuda court docket case to price it round $600 million, the Swiss financial institution stated in its first-quarter monetary report launched on Thursday, specifying earlier remarks that damages may very well be properly in extra of $500 million.

Its report stored its first-quarter web loss at 273 million Swiss francs ($280.5 million) and had web litigation provisions of 703 million, unchanged from the figures it beforehand reported.

($1 = 0.9732 Swiss francs)