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


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

The logo of Swiss financial institution Credit score Suisse is seen at a branch workplace in Bern, Switzerland October 28, 2020. REUTERS/Arnd Wiegmann/File Photograph

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April 30 (Reuters) - A bunch of individuals and entities have filed a class action lawsuit towards Credit Suisse (CSGN.S), alleging that the Swiss financial institution misled buyers over enterprise dealings associated to Russian oligarchs, law firm Pomerantz LLP said.

Credit score Suisse didn't comment when contacted by Reuters.

The lawsuit, filed in a New York district court, is on behalf of individuals and entities who acquired Credit Suisse securities between March 19, 2021 and March 25, 2022, Pomerantz said 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 deceptive statements relating to the corporate's business, operations, and compliance insurance policies," Pomerantz mentioned in the assertion.

The law agency 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 clients' yachts and personal jets, in an unusual use of derivatives to offload the dangers related to lending to ultra-rich oligarchs and entrepreneurs.

The Financial Occasions mentioned that after the publication of its article, Credit score Suisse mentioned in a press release that the transaction “priced consistent with different significant danger transactions, provided aggressive funding and hedging terms for our professional investor clients while growing the capital flexibility of the bank.”

The lawsuit also referred to a request made by U.S. lawmakers in March for Credit Suisse at hand over documents related to the financing of yachts and private jets owned by potentially sanctioned individuals. read more

On March 3, Credit Suisse stated no consumer information had been erased within the financial institution when it asked traders to destroy documents regarding a transaction last November, reacting to an extra Financial Occasions report related to oligarchs.

Credit score Suisse stopped pursuing new business in Russia after the invasion of Ukraine on Feb. 24, the Swiss financial institution mentioned on March 28 in an inside document seen by Reuters. learn more

Credit Suisse, which reported a first-quarter loss this week, has been dented by a series of pricey hits and a collection of legal circumstances that it has described as legacy matters. learn more

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Reporting by Paul Carrel Enhancing by Frances Kerry

Our Standards: The Thomson Reuters Trust Principles.

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