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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 logo of Swiss financial institution Credit score Suisse is seen at a department workplace in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photograph

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April 30 (Reuters) - A bunch of people and entities have filed a category action lawsuit against Credit Suisse (CSGN.S), alleging that the Swiss financial institution misled investors over enterprise dealings related to Russian oligarchs, legislation agency Pomerantz LLP stated.

Credit Suisse did not comment when contacted by Reuters.

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

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"The grievance alleges that, throughout the class interval, defendants made materially false and misleading statements relating to the company's business, operations, and compliance insurance policies," Pomerantz stated within the assertion.

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

The Financial Occasions stated that after the publication of its article, Credit Suisse stated in a statement that the transaction “priced in step with other significant risk transactions, supplied competitive investment and hedging terms for our professional investor clients while growing the capital flexibility of the financial institution.”

The lawsuit additionally referred to a request made by U.S. lawmakers in March for Credit Suisse to hand over documents related to the financing of yachts and personal jets owned by probably sanctioned people. read extra

On March 3, Credit Suisse stated no shopper data had been erased within the bank when it asked traders to destroy paperwork relating to a transaction last November, reacting to a further Financial Instances report related 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 doc seen by Reuters. read extra

Credit Suisse, which reported a first-quarter loss this week, has been dented by a series of costly hits and a sequence of legal cases that it has described as legacy issues. read more

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Reporting by Paul Carrel Enhancing by Frances Kerry

Our Requirements: The Thomson Reuters Trust Rules.

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