Banks: UBS agrees with insurer IAG in Greensill billion-euro lawsuit
Credit Suisse is withdrawing its lawsuit against the Australian insurer and is agreeing to an out-of-court settlement - just days before a Sydney court was due to deliver a verdict.
Credit Suisse, acquired by UBS, has reached a settlement in a billion-dollar lawsuit against Australian insurer IAG. The terms of the agreement are confidential, but IAG reported that the claims made by Credit Suisse totaled around 2.8 billion Australian dollars, plus interest. The settlement comes just before a trial was set to begin in an Australian court next week. UBS welcomed the agreement, saying it aligns with the bank's goal of resolving legacy issues quickly and in the best interest of its stakeholders.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
