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


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Credit score Suisse sued in U.S. over alleged enterprise related to oligarchs

The emblem of Swiss bank 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 gaggle of individuals and entities have filed a class action lawsuit in opposition to Credit Suisse (CSGN.S), alleging that the Swiss bank misled buyers over business dealings associated to Russian oligarchs, regulation agency Pomerantz LLP said.

Credit Suisse did not comment when contacted by Reuters.

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

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

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

The Financial Instances stated that after the publication of its article, Credit Suisse mentioned in a press release that the transaction “priced according to different vital danger transactions, provided competitive investment and hedging phrases for our skilled investor shoppers whereas increasing the capital flexibility of the bank.”

The lawsuit also referred to a request made by U.S. lawmakers in March for Credit score Suisse handy over documents related to the financing of yachts and personal jets owned by potentially sanctioned people. learn more

On March 3, Credit Suisse mentioned no client information had been erased throughout the bank when it asked traders to destroy documents relating to a transaction last November, reacting to an additional Monetary Times report related to oligarchs.

Credit Suisse stopped pursuing new enterprise in Russia after the invasion of Ukraine on Feb. 24, the Swiss financial institution stated 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 issues. learn extra

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Reporting by Paul Carrel Modifying by Frances Kerry

Our Standards: The Thomson Reuters Trust Ideas.

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