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Monday, March 16, 2015

Credit Suisse settles Freeport-McMoRan litigation for $16.25 mln, (NYQ: FCX)

Credit Suisse Group Inc will pay $10 million in cash and provide $6.25 million worth of advisory work to Freeport-McMoRan Inc to settle allegations it contributed to the natural resources company having overpaid significantly for two oil and gas companies. The settlement was disclosed on Monday in a filing with the Delaware Chancery Court.It came two months after Freeport-McMoRan agreed to pay $137.5 million to resolve shareholder litigation over its 2013 purchases of Plains Exploration & Production Co and McMoRan Exploration Co for roughly $9 billion.That accord did not release shareholder claims against Credit Suisse, which had been Freeport's financial adviser.Credit Suisse denied wrongdoing in agreeing to settle, according to the filing. A spokeswoman for the Swiss bank declined to comment.

Freeport-McMoRan Inc. is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources and a production profile. Shares of FCX fell by 0.94% or $-0.17/share to $17.97. In the past year, the shares have traded as low as $16.43 and as high as $39.32. On average, 19285100 shares of FCX exchange hands on a given day and today's volume is recorded at 17288038.