GENEVA, SWITZERLAND: STMicroelectronics received the cash payment of $356.8 million from Credit Suisse as the full and final payment for the settlement of all outstanding litigation concerning auction rate securities.
This amount fully covers all losses and costs associated with the litigation.
STMicroelectronics expects to book a pre-tax profit of approximately $329 million in the income statement of the second quarter of 2011 as a result of the transaction.
Friday, June 10, 2011
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