World Economy

$80m Settlement

$80m Settlement$80m Settlement

Credit Suisse Group AG will pay more than $80 million to settle state and federal authorities’ allegations that it didn’t fully disclose to its clients how it operated its dark pool, according to a person familiar with the matter, Bloomberg reported. The Swiss bank will pay more than $50 million in fines and disgorgement in what would be a record dark-pool settlement with the Securities and Exchange Commission, as well as around $30 million to the New York Attorney General, said the person, who demanded anonymity. Dark pools, where supply and demand is kept private and only details of executed trades are made public, account for nearly one-fifth of trading in the $23 trillion US stock market.