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Credit Suisse Banker Avoids Third Trial

Frank Quattrone, a former investment banker on Wall Street, has reached a settlement with a U.S. federal court judge this week that would let him avoid a third trial. News agencies report that the former Credit Suisse Group investment banker also did not admit to any wrongdoing as part of the settlement. "I`m very pleased this case will be concluded and I look forward to the formal dismissal of all charges," Quattrone said, adding that he planned to resume "my business career."

A deferred-prosecution agreement would let Quattrone escape without any penalty, on a condition that he does not violate any state or federal laws in the next 12 months. The settlement was approved by Judge George Daniels, of the Manhattan Federal District Court, during a ten minute hearing. Quattrone was charged with obstruction of justice when he forwarded an e-mail to colleagues in December 2000, suggesting it was "time to clean up those files."

Judge Daniels was quoted as saying "I approve of the deferred prosecution agreement between the U.S. attorney, and Frank Quattrone. Prosecution against the defendant will be deferred for a period of twelve months." Quattrone, 50, was also warned that if he did not follow the agreement within the 12-month period it would be revoked.