Credit Suisse Pays $600 Million to Settle U.S. Mortgage Case
This content was published on February 12, 2021 - 14:32
February 12, 2021 - 14:32
(Bloomberg) Credit Suisse Group AG agreed to pay $600 million to settle a lawsuit over mortgage securities that collapsed in the 2008 financial crisis, an accord that locks in an expected hit to its profit.
The plaintiff, MBIA Insurance Corp., said late Thursday that it had reached an agreement, after a post-trial court decision that ordered the Swiss bank to pay about $604 million in damages. The settlement means there will be no appeal trial.
Credit Suisse is expecting to post a fourth-quarter loss when it reports earnings on Feb. 18, after setting aside $850 million for U.S. legal cases including MBIA and booking a $450 million impairment on a hedge fund investment.
Anna Sorokin, who once pretended to be a fake, wealthy German heiress to scam friends and banks out of significant cash, has been released from prison early due to good behavior.
Sorokin was released Thursday from the Albion Correctional Facility in upstate New York after serving a fraction of her four- to 12-year sentence behind bars, according to a statement from the New York State Department of Correction obtained by Oxygen.com.
How many times has this happened to you? You re driving along at night and someone is driving toward you in the oncoming lane with their brights on. Do you flash your headlights to let them know they are blinding you? Is that even legal? The answer might surprise you.
I was pulled over when I lived in Nebraska for flashing my headlights at an oncoming car that still had its brights on. Unfortunately for me, it was a state trooper and he was not too happy with me. He wrote me a ticket for something like blinding oncoming traffic . I fought the ticket and it was thrown out.
465 Washington Street, Arthur Becker, and Valerie Dillon (Photos via Getty Images and 465 Washington Street)
In 2012, gallery owner Valerie Dillon received an offer for her stake in a Tribeca apartment building she couldn’t pass up.
Developer Arthur Becker needed Dillon’s stake in the building in order to convert it into a boutique condo project.
In exchange, Dillon didn’t just want money; she wanted the right to buy back her apartment in the converted building for $50,000.
But now, seven years after Dillon moved out of her apartment, Becker a tech mogul-turned-developer, and the former husband of designer Vera Wang still hasn’t finished the condo project at 465 Washington Street.