Credit Suisse May Owe Quattrone $120 Million

Frank Quattrone’s deal with U.S. prosecutors that allows him to avoid a third trial on obstruction-of-justice charges clears the way for him to receive as much as $120 million from former employer Credit Suisse, people familiar with the matter said Wednesday.

The settlement approved by a federal judge Tuesday would allow Quattrone, 50, to avoid any penalty without admitting any wrongdoing. If he obeys the law for the next year, prosecutors will dismiss charges that were filed against him in 2003.

At that time, Quattrone resigned from what was then known as Credit Suisse First Boston with an agreement that the firm would pay his legal fees if he prevailed.

That agreement also entitled him to cash and restricted stock worth $100 million to $120 million, the sources said.

Credit Suisse Group and a spokeswoman for Quattrone declined to comment. Quattrone’s pending back-pay matter was first reported by business news channel CNBC.

The former star technology investment banker Tuesday said he planned to resume his Wall Street career, though he declined to elaborate when questioned by reporters after a brief hearing in U.S. District Court in New York.

Quattrone was Silicon Valley’s top investment banker for much of his 23-year career and helped make CSFB the biggest underwriter to technology companies.