The settlement, for which the bank had been fully provisioned, marked another step in resolving legacy and litigation issues.

Credit Suisse has reached a final settlement, worth $495 million, with legal authorities in the US over mortgage-backed securities transactions dating back to the 2008 financial crash.

The Swiss bank has settled with the New Jersey Attorney General.

The settlement will 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, the Zurich-listed bank said in a statement yesterday. 

The settlement is an example of how some legal tangles can take more than a decade to resolve. It is the latest in a list of headaches that Credit Suisse will be relieved to get out of the way. The bank, hit by losses from a number of episodes, recently suffered a wobble to its share price amidst media speculation over its financial health. 

“Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket,” the bank said. “The settlement, for which Credit Suisse is fully provisioned, marks another important step in the bank’s efforts to proactively resolve litigation and legacy issues.”