Credit Suisse settles lawsuit with shareholders

Saturday, 11. July 2020 03:36

Credit Suisse Group AG reached a settlement with investors who sued claiming they were misled by the bank, a court filing showed.

Credit Suisse agreed to pay $15.5 million to a group of its shareholders who said they were told the bank had "comprehensive" risk controls and "binding" limits on its exposure to risky and illiquid debt, only for the Swiss company to take two writedowns in 2016.

The bank denied any wrongdoing and argued it had no intent to defraud the investors.

Related Links: Credit Suisse Group
Breaking the News / MD