A group of individuals and legal entities have filed a lawsuit against Credit Suisse Group AG and some of its executives, claiming that the bank violated federal securities laws, given its business dealings with Russian oligarchs, according to law firm Pomerantz LLP, according to Bloomberg.
The group lawsuit, filed in a New York District Court, concerns those who bought Credit Suisse securities between March 19, 2021 and March 25, 2022, Pomerantz said in a statement.
According to the lawsuit, Credit Suisse and its executives during that period made substantially false and misleading statements about the bank’s business, operations and compliance policies, according to the announcement. Defendants have made such statements or failed to disclose that, among other things, Credit Suisse’s practice of lending money to Russian oligarchs subject to US and international sanctions posed a significant risk of violating the rules governing such and future sanctions.
Credit Suisse’s media relations department did not immediately respond to a request for comment.
Earlier this week, the Swiss bank reported a loss of 206 million Swiss francs ($ 212 million) from exposure to Russia’s invasion of Ukraine.
Source: Capital
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