Mozambique and Credit Suisse Reach Settlement in 'Tuna Bond' Scandal

Credit Suisse has reached a last-minute settlement with Mozambique in a $1.5 billion bribery and fraud case, just before a London trial was set to begin. Mozambique had accused Credit Suisse of bribery and fraud and was seeking $1.5 billion in damages. The details of the settlement were not immediately available. The case revolves around loans secured with undisclosed government guarantees, known as "tuna bonds," which were intended to fund projects in Mozambique but triggered a debt default and criminal investigations when the scale of the case became public in 2016.