Credit Suisse faces lawsuit from pension fund over Greensill, Archegos issues
Bloomberg
St. Clair Shores (Mich.) Police and Fire Retirement System filed a lawsuit against Credit Suisse Group, accusing the firm of misleading investors and allowing high-risk clients — including Greensill Capital and Archegos Capital Management — to take on excessive leverage.
In a securities class action filed April 16 in U.S. District Court for the Southern District of New York, the pension fund said Credit Suisse along with CEO Thomas Gottstein, former Chief Risk and Compliance Officer Lara Warner and Chief Financial Officer David Mathers "issued materially false and misleading statements regarding the company's business metrics and financial prospects."