Without making specific findings of fact, a FINRA arbitration panel ordered that broker-dealer Credit Suisse (USA) LLC must payclaimant STMicroelectronics more than $400 million in compensatory damages and $6.5 million in fees and costs to resolve a claim by the semiconductor maker that it violated Section 10(b) of the 1934 Securities Exchange Act and SEC Rule 10b-5. A copy of the panel's February 12, 2009 decision can be found here. In exchange for a payment in excess of $400 million, STMicroelectronics must transfer its entire portfolio of auction rates securities to Credit Suisse. The dispute arises from Credit Suisse's alleged failure to comply with STMicroelectronics' request that Credit Suisse to invest its client's funds in student loan securities backed by U.S. government guarantees. Instead, Credit Suisse allegedly invested STMicroelectronics' funds in auction rate securities consisting of collateralized debt obligations, some of which were backed by subprime real estate loans.