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Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
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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.

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

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Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on Tuesday as Wall Street's major indices experienced a tumultuous day, driven by Oracle's staggering 12.5%...

Advanced Micro Devices (NASDAQ:AMD) Attempts to Chases Nvidia Corp (NVDA) Valuation by Introducing New AI Chips

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading session as the company recently launched its data center and AI technology event, where it unveiled its long-awaited MI300 processor tailored for AI workloads. Its objective...

Amazon.com (NASDAQ: AMZN) To Face Tough U.K. Antitrust Review on Roomba Acquisition

Shares of Amazon.com, Inc. (NASDAQ: AMZN) inches down in pre trading session on Thursday as the British antitrust officials have begun looking into Amazon's $1.7 billion acquisition of robot vacuum manufacturer iRobot. According to a statement released on Thursday, the...

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