Credit Suisse says that it has agreed to settle a case with the US Department of Justice over its sale of toxic mortgage-backed securities in the run-up to the financial crash of 2008.

Additionally, the firm is required to provide relief to consumers of $2.8 billion within five years. Such measures include affordable housing payments and first and second lien principal and interest forgiveness, Credit Suisse said.

As a result, the DoJ is to release the bank from potential civil claims related to its securitisation, underwriting and issuance of residential mortgage-backed  securities.

A press release from the group said that the settlement was amicable and referred to the scandal as "this legacy matter." Earlier this week, Deutsche Bank also made its peace with the DoJ, saying that it is going to pay the department $7.2 billion to offset charges relating to similar malpractice.