Credit Suisse gets $385m from bankruptcy claim against failed Lehman Brothers

 
Josh Mines
SWITZERLAND-BANKING-CREDITSUISSE
The Swiss bank has won nearly $400m in the claim, which dates back nearly 10 years (Source: Getty)

Credit Suisse will get $385m (£288.4m) from its claim against failed investment bank Lehman Brothers, which falls well below the $1.2bn the firm originally set out to win.

The Swiss firm claimed it was owed the money from Lehman over terminated derivatives transactions following the company folding a decade ago.

The payout still needs to be approved by American courts. Credit Suisse claims that it will take a $70m hit from the case.

Lehman's collapse in 2008 was one of the largest corporate bankruptcies in US history, and lead to numerous claims being filed by its peers over billions of dollars owed from failed derivative trades.

Read more: Supreme Court rules Lehman Brothers creditors should share extra £5bn

"Credit Suisse AG and certain of its subsidiaries are pleased to have reached an agreement with Lehman Brothers Holdings Inc. and certain of its subsidiaries to resolve legacy claims from 2009," a statement from the bank said.

"The claims relate to terminated derivatives transactions between the two parties. The agreement remains subject to court approval.

"As previously disclosed, this amount is consistent with its exiting SRU guidance for 2018 and as such will not have a material impact to the bank.

"We remain on track with the wind down of our SRU division by end of 2018."

Read more: Credit Suisse profits surge as bosses hail cost-cutting drive

Related articles