Credit Suisse will pay a $135m fine to settle allegations it broke New York banking law by improperly working with other global banks, trading ahead of client orders and additional conduct that hurt its customers, writes Austen Hufford at The Wall Street Journal.

In a statement, Credit Suisse said Monday it was pleased to have reached the settlement, though it didn’t admit or deny the allegations. The company said it would record a pretax charge related to the settlement in its fiscal fourth quarter.