The bank has agreed to accept its claim with the liquidators of the failed US investment bank.

Credit Suisse and some of its subsidiaries have agreed to settle claims with the liquidators of bankrupted investment bank Lehman Brothers. The claims stem from 2009, in the aftermath of the global financial meltdown. 

The Zurich-listed bank said the claims related to terminated derivative contracts between Credit Suisse and Lehman; the agreement announced today is subject to approval by a court.

Claims of $385 million in the Lehman bankruptcy case will be allowed. As a result, Credit Suisse said it expects there to be a non-material on its earnings of around $70 million, to be captured in its Strategic Resolution Unit, or the “bad bank” entity dealing with post-crisis issues.

Some media reports said the claim amount is less than the bank had hoped to receive. However, in its statement, Credit Suisse said: “As previously disclosed, this amount is consistent with its exiting SRU guidance for 2018 and as such will not have a material impact to the bank.”

“We remain on track with the wind down of our SRU division by end of 2018,” it added. 

When Lehman Brothers filed for bankruptcy almost a decade ago, it was widely seen as the start of the worst financial crisis since the early 1930s. The affair led to bailouts of banks and other financial institutions as well as an upsurge in regulation and lawsuits over claims and allegations around mis-selling of products such as mortgage-backed securities.