Credit Suisse settles U.S. shareholder lawsuit 

by
Swissinfo
My articles My siteAbout meMy videosMy books
Follow on:TwitterFacebookGoogle +

Keystone / Walter Bieri

Major Swiss bank Credit Suisse has agreed to pay $15.5 million (CHF14.6 million) to settle a dispute with shareholders in the United States, according to court filings on Friday.

The plaintiffs, led by four pension funds, accused Credit Suisse of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt.

The bank had boasted at the time of “comprehensive” risk controls and “binding” limits on its exposure to risky and illiquid debt, according to Reuters news agency. Credit Suisse denies any wrongdoing.

The preliminary settlement of the proposed class action by holders of the Swiss bank’s American depositary receipts from March 2015 to February 2016 requires approval by a federal court in Manhattan.

About Swissinfo

SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

My articlesMy siteAbout meMy books
Follow on:TwitterFacebookGoogle +