The Strategist

Credit Suisse sued for concealing risks related to Russia



05/03/2022 - 04:40



Investors sued Credit Suisse. The bank and its managers are accused of failing to disclose all risks from business related to the sanctioned Russian billionaires.



Ank Kumar
Ank Kumar
A group of individual investors and organizations filed a class action lawsuit against Swiss bank Credit Suisse and some of its managers, accusing them of violating securities disclosure laws, law firm Pomerantz said. The suit was filed in district court in New York.

The plaintiffs are buyers of Credit Suisse securities who purchased them between March 19 and March 25, 2022. They allege that the bank and its managers made false and misleading statements during that period regarding the bank's business and operational policies and compliance, Pomerantz said in a press release. 

In particular, the bank did not adequately disclose the risks of violating Western sanctions against restricted Russian businessmen, which arose as a result of Credit Suisse lending to these businessmen. The statement of Pomerantz does not specify what time period is in question, but mentions that the Swiss bank has a long history of business relations with wealthy Russians.

source: reuters.com




More
< >

Wednesday, November 30th 2022 - 09:26 FT: Billionaire Jack Ma departs from China