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Litigation costs weigh on Credit Suisse’s Q4

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Litigation costs weigh on Credit Suisse’s Q4

GENEVA (AP) — Litigation costs weighed on Switzerland’s second-largest bank, Credit Suisse, in the fourth quarter.

The bank reported Thursday a net profit of 267 million francs ($295 million) for the October-December period, compared with 263 million francs a year earlier. The flat performance came as the company set aside 339 million francs to deal with ongoing mortgage litigation — pushing its investment bank unit to a pretax loss — and made a further provision of 175 million francs for costs related to a U.S. investigation of alleged tax evasion.

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