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Credit score Suisse sued in U.S. over alleged business associated to oligarchs


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Credit Suisse sued in U.S. over alleged business associated to oligarchs

The brand of Swiss bank Credit score Suisse is seen at a branch office in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photo

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April 30 (Reuters) - A group of individuals and entities have filed a category action lawsuit against Credit Suisse (CSGN.S), alleging that the Swiss bank misled investors over enterprise dealings related to Russian oligarchs, law firm Pomerantz LLP said.

Credit score Suisse didn't comment when contacted by Reuters.

The lawsuit, filed in a New York district court docket, is on behalf of people and entities who acquired Credit Suisse securities between March 19, 2021 and March 25, 2022, Pomerantz stated in a press release issued late on Friday.

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"The criticism alleges that, all through the class interval, defendants made materially false and deceptive statements relating to the company's enterprise, operations, and compliance insurance policies," Pomerantz stated in the assertion.

The law agency alleged disclosure shortcomings around a securitisation deal. It cited in its assertion a Financial Occasions story from February by which the newspaper reported that Credit score Suisse had securitised a portfolio of loans linked to its wealthiest prospects' yachts and private jets, in an unusual use of derivatives to offload the risks associated with lending to ultra-rich oligarchs and entrepreneurs.

The Financial Occasions stated that after the publication of its article, Credit score Suisse said in a statement that the transaction “priced consistent with different significant risk transactions, supplied aggressive funding and hedging phrases for our professional investor purchasers while rising the capital flexibility of the bank.”

The lawsuit also referred to a request made by U.S. lawmakers in March for Credit Suisse at hand over documents related to the financing of yachts and private jets owned by doubtlessly sanctioned people. read more

On March 3, Credit score Suisse mentioned no consumer data had been erased within the financial institution when it requested traders to destroy documents regarding a transaction last November, reacting to a further Financial Occasions report associated to oligarchs.

Credit Suisse stopped pursuing new enterprise in Russia after the invasion of Ukraine on Feb. 24, the Swiss financial institution mentioned on March 28 in an internal document seen by Reuters. learn extra

Credit score Suisse, which reported a first-quarter loss this week, has been dented by a sequence of pricey hits and a series of legal circumstances that it has described as legacy matters. read extra

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Reporting by Paul Carrel Modifying by Frances Kerry

Our Requirements: The Thomson Reuters Trust Ideas.

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