Credit Suisse is paying a total of $15.5 million to U.S. pension investors to settle a lawsuit over a $1 billion write-down of trading positions in 2016, according to «Reuters,» reporting from a U.S. court filing. The sum represents a drop in the bucket of the Zurich-based bank's total 898 Swiss francs ($953 million) in legal reserves.

The settlement includes resolving any potential claims against both Thiam as well as his predecessor, Brady Dougan, who is now en route with a new effort to disrupt Wall Street's traditional trading firms, as finews.com reported last month.

Recouping Losses

Pension funds in New York, Illinois, and Alabama had led the lawsuit, which sought to recoup losses on Credit Suisse shares. The investors had argued that the Swiss bank's claim of «comprehensive» risk controls, as well as «binding» caps on risky, illiquid debt, was undermined by the losses, Reuters reported.

The bank, which denied wrongdoing and said it had no intent to defraud, said it was pleased to reach the U.S. settlement (it must still be vetted by a judge). Thiam, after concluding the three-year revamp last year, left in February after a separate spying scandal blew open.