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.
Credit Suisse ignored âred flagsâ on Greensill, says lawsuit
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South Australian Premier Steven Marshall says he is âquietly confidentâ that GFG Alliance boss Sanjeev Gupta will get new financing to replace loans from Greensill Capital, but Credit Suisse has been hit with a US class action lawsuit alleging it ignored red flags when selling securities packaged by Greensill to investors.
Mr Marshall said the fundamentals of GFGâs Whyalla steelmaking operations were ârightâ, arguing the iron ore price was âthrough the roofâ and that the production rates of the South Australian plant were âalmost best everâ.
Credit Suisseâs investors have started filing lawsuits against the Swiss group, alleging it missed âred flagsâ linked to its purchase of securities packaged by Greensill Capital.Â
Press release content from Business Wire. The AP news staff was not involved in its creation.
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Credit Suisse Group AG
April 17, 2021 GMT
NEW YORK (BUSINESS WIRE) Apr 16, 2021
Robbins Geller Rudman & Dowd LLP ( https://www.rgrdlaw.com/cases-credit-suisse-group-ag-class-action-lawsuit.html ) today announced that it filed a class action on behalf of an institutional investor seeking to represent purchasers of Credit Suisse (NYSE:CS) American Depositary Receipts (“ADRs”) between October 29, 2020 and March 31, 2021 (the “Class Period”) (the “
Credit Suisse class action lawsuit”). The
Credit Suisse class action lawsuit was filed in the Southern District of New York and is captioned