09 Jun 2011 | Geneva

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STMicroelectronics Announces Receipt of $356.8 Million Cash Payment From Credit Suisse

STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, received today 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.

About STMicroelectronics
STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. In 2010, the Company’s net revenues were $10.35 billion. Further information on ST can be found at www.st.com.