Credit Suisse in the United States is facing a lawsuit brought by shareholders who accuse the bank of concealing its financial problems and deceiving them. This is what Reuters reported.
In the suit filed in Federal District Court in Camden, New Jersey, Credit Suisse allegedly provided false or misleading information or failed to disclose that it had experienced a “significant” outflow of customer funds in the fourth quarter of 2022 and for significant deficiencies in internal controls.
The lawsuit is also directed against the head of the administration Ulrich Korner and the board of directors Axel Lehmann.
According to Reuters, the lead plaintiff filed the lawsuit on behalf of the owners of Credit Suisse’s American Depositary Shares (ADS) issued from March 10, 2022 to March 15, 2023.
Again according to the article, it should be the first lawsuit filed by US investors regarding the latest Swiss Bank II problems. The institute declined to comment on AWP.
“Devoted bacon guru. Award-winning explorer. Internet junkie. Web lover.”