Reports from Reuters and other news outlets are claiming a settlement is close to being finalized between West Virginia Governor Jim Justice and Swiss bank Credit Suisse.
The Financial Times is claiming Gov. Justice’s mining company, Bluestone Resources, owes the clients of Swiss bank Credit Suisse $690M.
It’s reported that the bank was focusing on the late payments Bluestone has.
According to the report, the settlement would include Bluestone ramping up production and making cash payments to Swiss bank Credit Suisse.
Another reported detail in the settlement that’s being reported is the bank will have the opportunity of funds if the mine would sell at a later time.
Reuters requested a comment from Bluestone but no response has been made at this time.
Swiss bank Credit Suisse provided a comment to Financial Times, “Credit Suisse Asset Management continues to pursue all available avenues for recovery of the funds on behalf of our investors. This remains a priority.”