Berita 24 English - On Friday, the law firm Frank R. Cruz announced that it would be joining a lawsuit against Credit Suisse regarding the ...
Berita 24 English - On Friday, the law firm Frank R. Cruz announced that it would be joining a lawsuit against Credit Suisse regarding the Swiss bank's dealings with Archegos and Greensill.
The City of St. Clair Shores Police and Fire Retirement System, based in St. Clair Shores, Michigan, filed a class-action lawsuit against the Swiss bank in federal court in Manhattan in April, alleging violations federal securities laws.
Credit Suisse has entered a crisis after losing more than $5 billion in the collapse of US investment firm Archegos and suspending funds associated with the collapse of British supply chain finance company Greensill Capital. The fallout has resulted in internal and external investigations, layoffs, and a capital raise at Switzerland's second-largest lender. In what new chairman and veteran banker Antonio Horta-Osorio described as his most significant challenge to date.
Since March, its share price had fallen nearly 30% when it first disclosed problems with its Greensill-linked supply chain finance funds.
Credit Suisse shareholders have until June 15 to file a motion to join the lawsuit as lead plaintiff.
Credit Suisse declined to provide additional information.
