Credit Suisse is facing a class action lawsuit in the United States. Several individuals and companies have filed suits in a New York District Court alleging CS’s alleged oligarchic dealings. This is reported by the AWP news agency.
According to the lawsuit, investors who acquired CS securities between March 19, 2021 and March 25, 2022 are behind the lawsuit. The plaintiffs allege that Credit Suisse deceived the investors concerned regarding their dealings with Russian oligarchs.
Series of breakdowns at the CS
CS is said to have given incorrect or at least misleading information regarding its dealings with oligarchs. The plaintiffs see problems with the compliance policy of the bank. Among other things, it is regarding the fact that Credit Suisse is said to have stopped hedge funds and investors from destroying documents regarding yachts and private jets belonging to their richest customers. CS presumably wanted to cover up its dealings with Russian oligarchs, which later ended up on the international sanctions lists.
CS always rejected the allegations in connection with the destruction of files. She also did not comment on the lawsuit that has now been filed with the AWP.
However, the lawsuit is likely to be inconvenient for the bank bosses: they are confronted with a series of bankruptcies and breakdowns. Last week, at the general meeting, the CS shareholders refused to discharge the company’s top management for 2020. This was due to the billion-dollar debacle with the Archegos and Greensill funds. Because the shareholders have not granted discharge, the board of directors and management can be held liable for any mistakes. (sfa)
