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Drug Manufacturer Stocks Saw...

Shares of AbbVie Inc. (NYSE: ABBV) rose over 1.03% in early trading session...

Consumer Electronics Stocks In...

GoPro, Inc. (NASDAQ: GPRO) jumps down over 10.14% to $5.81 in early trading...

Solar Stocks Revamp Position...

Array Technologies (NASDAQ: ARRY) plunged over 1.24% to $19.97 in early trading session...

Semiconductor Stocks in Bearish...

Shares of ON Semiconductor Corp. (NASDAQ:ON) dropped over 1.5% in early trading session...
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Credit Suisse Group AG (NYSE: CS) Decides to Resolve the Largest Outstanding Complaint over $495 Million to Settle

Credit Suisse Group AG (NYSE: CS) surged around 3% in pre trading session on Monday after it decided to pay $495 million to resolve the largest outstanding complaint over its participation in the sale of residential mortgage-backed securities in the United States, which led to the 2008 financial crisis.

On Oct. 27, Credit Suisse, whose stock has more than halved in the last year, will unveil details of a much-anticipated strategy review with third-quarter results.

In a statement issued on Monday, the Swiss bank stated that it is “fully prepared” for the payment, which would settle claims related to more than $10 billion in such securities. In a 2013 lawsuit, the Attorney General of New Jersey sought $3 billion in damages.

The bank said in a statement that Credit Suisse is happy to have reached an agreement that enables the bank to conclude the sole remaining RMBS case involving regulatory claims and the largest of its remaining exposures on its legacy RMBS docket. The settlement, for which Credit Suisse has fully funded, is another major step in the bank’s efforts to handle litigation and legacy concerns in a proactive manner.

Investors are keeping a tight eye on the bank ahead of a strategy statement on Oct. 27 aimed at putting a stop to years of scandals and losses that have damaged investor trust. The Zurich-based bank has been in turmoil for weeks, with markets questioning its viability amid a bigger sell-off.

Credit Suisse is one of the lenders defending itself against accusations relating to the sale of mortgage instruments that collapsed in value during the 2008 financial crisis. Last year, it paid $600 million to resolve a dispute with MBIA Insurance Corp over mortgage securities.

Banks have been accused of misrepresenting the quality of the home loans underlying these instruments in order to attract purchasers, worsening the impact of the subprime mortgage crisis.

Credit Suisse is dealing with a slew of legal issues. The specter of new legal concerns for the bank surfaced last week, when US authorities opened an investigation into whether the firm assisted clients in hiding assets. A Credit Suisse trust in Singapore is awaiting the conclusion of a trial that will assess its accountability for damages caused by a rogue banker. In a landmark case involving money laundering, Switzerland’s highest court found the bank guilty in June.

Drug Manufacturer Stocks Saw in Stress: AbbVie (NYSE: ABBV), Amgen (NASDAQ:AMGN), AstraZeneca (NASDAQ:AZN), Bristol-Myers Squibb (NYSE: BMY)

Shares of AbbVie Inc. (NYSE: ABBV) rose over 1.03% in early trading session on Friday as patients in the United States will be able...

Consumer Electronics Stocks In Action: GoPro, Inc. (NASDAQ: GPRO), Sonos, Inc. (NASDAQ: SONO), Sony Group Corp. (NYSE: SONY)

GoPro, Inc. (NASDAQ: GPRO) jumps down over 10.14% to $5.81 in early trading session on Friday as the firm announced financial results for its...

Solar Stocks Revamp Position in Street: Array Technologies (NASDAQ: ARRY), Sunrun Inc. (NASDAQ:RUN), Sunnova Energy International Inc. (NYSE: NOVA)

Array Technologies (NASDAQ: ARRY) plunged over 1.24% to $19.97 in early trading session on Friday as company was awarded a contract to supply solar...

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Solar Stocks Revamp Position in Street: Array Technologies (NASDAQ: ARRY), Sunrun Inc. (NASDAQ:RUN), Sunnova Energy International Inc. (NYSE: NOVA)

Array Technologies (NASDAQ: ARRY) plunged over 1.24% to $19.97 in early trading session on Friday as company was awarded a contract to supply solar trackers for the Glenrowan solar farm project, which is a key site for the Victorian...

Information Technology Stocks: C3 AI (NYSE: AI) Launch of C3 Generative AI, Aurora Innovation, Inc. (NASDAQ: AUR)

The Enterprise AI application software company, C3 AI (NYSE: AI) jumps over 3.78% to $22.50 in pre trading session as in last session jumped over 9.33% to settle at $21.68 after the official release of the first product in...

Automaker Struggling to Revamp Bearish Trend: Tesla Inc. (NASDAQ: TSLA), General Motors (NYSE:GM), Arrival (NASDAQ: ARVL)

Share of Tesla Inc. (NASDAQ: TSLA) rose around 4% in previous trading session as in order to enhance manufacturing of its 4680 cells, which are used in the batteries for electric cars and the Semi heavy-duty vehicle, Tesla Inc....

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