Zurich — Credit Suisse Group says it expects to post a fourth-quarter loss after setting aside $850m for legal cases in the US that date back to the financial crisis more than a decade ago.
The provision, for a dispute in New York with bond insurer MBIA as well as other potential cases related to residential mortgage-backed securities, is more than twice as high as the bank estimated as recently as December. It comes on top of a previously announced $450m impairment on a hedge fund investment that will also be booked in the fourth quarter...
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