Credit Suisse Latest Bank to Settle ARS Probe

NY AG Andrew Cuomo’s office announced today that Credit Suisse Group will buy back $548 million in auction-rate securities and pay a $15 million fine to settle the AG’s probe concerning the company.

The AP reports that with this settlement, Credit Suisse joins institutions including Fidelity Investments, Merrill Lynch, Deutsche Bank, Goldman Sachs Group, UBS AG, Citigroup Inc., Morgan Stanley, JPMorgan Chase & Co. and Wachovia Corp., which have already entered into settlements calling for more than $51 billion in repurchases.

Read the AP article