WASHINGTON (Reuters) -Credit Suisse Securities and two affiliated firms have agreed to pay over $10 million to settle U.S. Securities and Exchange Commission charges they provided prohibited services to mutual funds, the regulator said on Wednesday.
In 2022, a New Jersey court banned the Credit Suisse entities from certain activities in resolving a case of alleged violations of state laws. The firms continued to offer the services despite the ban until June 2023, the SEC said.
Without admitting or denying the SEC’s findings, Credit Suisse agreed to pay civil penalties of $3.3 million and more than $6.7 million in disgorgement and interest.
A spokesperson for UBS, which acquired Credit Suisse this year, said in an emailed statement: “Following the identification and notification of this matter to the SEC, this settlement marks another important step in our efforts to proactively resolve Credit Suisse litigation and legacy matters.”
(Reporting by Kanishka Singh in Washington and Chris Prentice in New York; editing by Jonathan Oatis and Grant McCool)