Credit Suisse compensates its Lehman investors
Credit Suisse says it pays $86.7M compensation to its investors in Lehman Brothers
Sunday January 25, 2009, 7:20 am EST
ZURICH, Switzerland (AP) -- Credit Suisse Group said Sunday it has paid around 100 million Swiss francs ($86.7 million) in compensation to 2,000 clients who lost money in collapsed U.S. investment bank Lehman Brothers.
Most of the beneficiaries 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 500,000 francs ($433,700) he said.
He declined to say how the level of compensation was worked out.
"We've looked at each case individually," he told The AP.
Lehman -- once the fourth-biggest U.S. investment bank -- filed the biggest bankruptcy in U.S. history in September.
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