SAN DIEGO–(BUSINESS WIRE)–$CS #SecuritizationDeal–Shareholder rights law firm Robbins LLP is investigating Credit Suisse Group AG (NYSE: CS) and its officers and directors to determine whether they breached their fiduciary duties and violated securities laws in connection with the Company’s Securitization Deal. Credit Suisse is an international financial services group.
If you would like more information about our investigation of Credit Suisse Group AG’s misconduct, click here.
What is this Case About: According to a complaint filed against Credit Suisse, the Company entered into a Securitization Deal in which it sold off $80 million worth of risk related to a $2 billion portfolio of loans backed by assets owned by certain of the bank’s ultra-high net worth clients, including Russian oligarchs previously sanctioned by the U.S. The Company then requested that non-participating investors destroy documents related to the Securitization Deal to conceal the Company’s noncompliance with U.S. and international sanctions in its lending practices.
During the class period, defendants failed to disclose that: (i) Credit Suisse had deficient disclosure controls and procedures and internal control over financial reporting; (ii) Credit Suisse’s practice of lending money to Russian oligarchs subject to U.S. and international sanctions created a significant risk of violating rules pertaining to those sanctions and future sanctions; and (iii) the foregoing conduct subjected the Company to an increased risk of heightened regulatory scrutiny and/or enforcement actions.
On March 28, 2022, the U.S. House of Representatives Committee on Oversight and Reform sent Credit Suisse a letter asking the Company to turn over information and documents about a portfolio of loans backed by yachts and private jets owned by clients, potentially including sanctioned Russian individuals. The letter also questioned the Company’s request that hedge funds and other non-participating investors “destroy” documents related to yachts and private jets owned by the bank’s clients. On this news, the Company’s stock price fell 2.58%.
Next Steps: If you acquired shares of Credit Suisse Group AG (CS) between March 19, 2021 and March 25, 2022, you have legal options. Contact us for more information about your legal rights.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Credit Suisse Group AG settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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