Credit Suisse in $70m accord over subprime

Credit Suisse Group has agreed to a $70m (£43m) settlement of US litigation accusing the Swiss bank of misleading investors about its subprime exposure and ability to limit losses.

Investors accused Credit Suisse of falsely representing that it had been successful in limiting its subprime asset exposure and losses from the subprime and credit crises because it had exceptional risk management and internal controls.

The proposed settlement also covers several officials, including chief executive Brady Dougan. It was filed in Manhattan federal court, and requires court approval.