Defendant Name: Credit Suisse Securities (USA) LLC

Defendant Type: Subsidiary of Public Company

Document Reference: 34-72850-ppd

Document Details

Legal Case Name In the Matter of Credit Suisse Securities (USA) LLC; DLJ Mortgage Capital, Inc.; Credit Suisse First Boston Mortgage Acceptance Corp.; Credit Suisse First Boston Mortgage Securities Corp.; and Asset Backed Securities Corporation
Document Name Proposed Plan of Distribution Bulk Settlement Practice
Document Date 14-Aug-2014
Document Format Administrative Proceeding
File Number 3-15098
Allegation Type Securities Offering
Document Summary On August 14, 2014, the SEC issued a Proposed Plan of Distribution Bulk Settlement Practice.

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Fair Funds
Plan of Distribution
Monetary Penalties:

Disgorgement

Individual:     Shared:     $55,747,769.00
Shared with: Asset Backed Securities Corporation; DLJ Mortgage Capital, Inc.; Credit Suisse First Boston Mortgage Acceptance Corp.; Credit Suisse First Boston Mortgage Securities Corp.

Civil Penalty

Individual:     Shared:     $33,000,000.00
Shared with: Asset Backed Securities Corporation; DLJ Mortgage Capital, Inc.; Credit Suisse First Boston Mortgage Acceptance Corp.; Credit Suisse First Boston Mortgage Securities Corp.

Pre-Judgment Interest

Individual:     Shared:     $13,000,000.00
Shared with: Asset Backed Securities Corporation; DLJ Mortgage Capital, Inc.; Credit Suisse First Boston Mortgage Acceptance Corp.; Credit Suisse First Boston Mortgage Securities Corp.

Total Penalty

Individual:     Shared:     $101,747,769.00
Shared with: Asset Backed Securities Corporation; DLJ Mortgage Capital, Inc.; Credit Suisse First Boston Mortgage Acceptance Corp.; Credit Suisse First Boston Mortgage Securities Corp.

Related Documents:

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On August 14, 2014, SEC issued an administrative proceeding regarding a "proposed plan of distribution (First Payment Default Practice) and opportunity for comment."
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On August 14, 2014, the SEC published a Proposed Plan of Distribution First Payment Default Practice concerning Credit Suisse Securities (USA) LLC and Asset Backed Securities Corporation.
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On December 19, 2014, the Commission approved the Division of Enforcement's request to extend the time for entering an order approving or disapproving the proposed plans of distribution until February 27, 2015. The Commission received comments on the proposed plans of distribution. According to the SEC, "the Division states that further evaluation, analysis and consultation with other offices are required to properly address the comments."
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On September 10, 2015, the SEC issued an order establishing a Bulk Settlement Fair Fund to compensate certain investors. In addition to $68,747,769 in disgorgement and prejudgment interest, the SEC added $33 million penalty also collected for the Bulk Settlement Practice conduct identified in a November 16, 2012 order instituting settled administrative proceedings against defendants.
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