Credit Suisse compensates Lehman investors

26th January 2009, Comments 0 comments

The Swiss bank paid CHF 100 million to clients who lost money in Lehman Brothers.

ZURICH - Credit Suisse Group said Sunday it paid around CHF 100 million (EUR 66.6 million, USD 86.7 million) in compensation to 2,000 clients who lost money in collapsed US investment bank Lehman Brothers.

Most of the clients received the money in the third quarter, said spokesman Jan Vonder Muehll, confirming reports by the weeklies NZZ am Sonntag and Sonntagszeitung.

Only 11 clients declined to accept the money, Vonder Muehll said.

Switzerland's second biggest bank compensated clients who had half or more of their investments with Lehman Brothers and whose total investments were less than CHF 500,000 he said.

He declined to say how the level of compensation was determined.

"We've looked at each case individually", he told The Associate Press.

Lehman, once the fourth-biggest US investment bank, filed the biggest bankruptcy in US history in September.

[AP / Expatica]

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