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Credit Suisse Receives Class Action Lawsuit for Misleading Investors over Business Dealings with Russian Oligarchs
6th May 2022 | Hong Kong
Credit Suisse has received a class action lawsuit for misleading investors over business dealings with Russian oligarchs. The law firm Pomerantz had filed the lawsuit (29/4/22) for investors who acquired Credit Suisse shares between March 2021 to March 2022. Pomerantz: “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. In the letter, House Oversight Chair Carolyn Maloney and Rep. Stephen Lynch, chair of the Subcommittee on National Security, questioned Credit Suisse’s request that hedge funds and other non-participating investors “destroy documents” related to yachts and private jets owned by the bank’s clients. The House Democrats wrote: “Given the timing of this request and its subject matter, Credit Suisse’s action raises significant concerns that it may be concealing information” about whether participants in the deal may be “evading sanctions” imposed by the West after Russia’s invasion of Ukraine.”
“ Credit Suisse Received Class Action Lawsuit for Misleading Investors over Business Dealings with Russian Oligarchs “
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Credit Suisse Received Class Action Lawsuit for Misleading Investors over Business Dealings with Russian Oligarchs
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