Securities litigation partner James (Josh) Wilson encourages investors who have suffered losses greater than $100,000 at Credit Suisse to contact him directly to discuss their options
New York, New York–(Newsfile Corp. – May 26, 2022) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Credit Suisse Group AG (“Credit Suisse” or the society” ) CS and reminds investors of the June 28, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses greater than $100,000 investing in Credit Suisse stocks or options between March 19, 2021 and March 25, 2022 and want to discuss your legal rights, call partner Faruqi & Faruqi Josh Wilson directly at 877-247-4292 Where 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/CS.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm with offices in New York, Pennsylvania, California and Georgia.
Credit Suisse, together with its subsidiaries, provides various financial services in Switzerland, Europe, the Middle East, Africa, the Americas and Asia-Pacific. The Company offers private banking and wealth management solutions, including advisory, investment, financial planning, estate and trust planning services, as well as financing and lending solutions, and platforms multi-shore.
Credit Suisse has a history of doing business with Russian oligarchs or very wealthy business leaders with significant political influence. For example, an article published by the Financial Times on February 7, 2022, entitled “Credit Suisse securitizes yacht loans to oligarchs and tycoons”, cited a recent presentation to investors of a synthetic securitization agreement, in which Credit Suisse sold 80 million of risk from a portfolio of $2 billion in asset-backed loans held by some of the bank’s wealthiest clients (the “Securitization Agreement”), which disclosed that in 2017 and 2018 , Credit Suisse has experienced 12 defaults on yacht and aircraft loans, a third of which were linked to US sanctions against Russian oligarchs. News reports at the time indicated that Russian billionaires Oleg Deripaska, Arkady Rotenberg and Boris Rotenberg had to terminate private jet leases with Credit Suisse during those years.
Beginning in or around October 2021, Russia began a major military buildup near the Russian-Ukrainian border, apparently in preparation for an invasion of Ukraine. Although the Russian government repeatedly denied plans to invade or attack Ukraine, the United States subsequently released intelligence on Russian invasion plans, including satellite photographs showing Russian troops and equipment near the Russian-Ukrainian border.
In November 2021, as Russia’s military buildup on the Russian-Ukrainian border continued, the company entered into the securitization deal.
A few months later, on February 24, 2022, Russian military forces invaded Ukraine. Immediately after the invasion, Western governments, including the United States, Canada, and the European Union, among others, imposed significant sanctions on Russia. The sanctions included, among others, measures targeting Russia’s ultra-wealthy oligarchs by denying them access to the global financial system and allowing, in some cases, the seizure of some of their high-value assets located outside the Russia.
Barely a week after the start of the Russian invasion and the retaliatory sanctions imposed by Western nations, media reported that Credit Suisse had asked non-participating investors who had received information about the company’s loan portfolio destroy and permanently erase any confidential information that Credit Suisse provided to them regarding the securitization transaction.
As detailed below, the lawsuit focuses on whether the company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Credit Suisse had deficient disclosure controls and procedures and internal control over reporting; (ii) Credit Suisse’s practice of lending money to Russian oligarchs subject to US and international sanctions created a significant risk of violation of the rules relating to these sanctions and future sanctions; (iii) the foregoing conduct has subjected the Company to increased risk of increased regulatory scrutiny and/or enforcement action; (iv) the securitization agreement related to loans that Credit Suisse had made to Russian oligarchs previously sanctioned by the United States; (v) the purpose of the securitization agreement was to offload the risks associated with these loans and to mitigate the impact on Credit Suisse of sanctions that may be implemented by Western countries in response to the invasion of Ukraine by Russia; (vi) Credit Suisse’s request to non-participating investors to destroy documents related to the securitization transaction was intended to conceal the company’s failure to comply with US and international sanctions in its lending practices; (vii) the foregoing, when disclosed, was likely to subject the Company to increased regulatory scrutiny and material damage to its reputation; and (viii) as a result, the Company’s public statements were materially false and misleading at all material times.
On March 28, 2022, the House Oversight Committee of the United States House Oversight Committee sent a letter to Credit Suisse asking the company to turn over information and documents regarding a portfolio of loans secured 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 National Security Subcommittee, questioned Credit Suisse’s request to hedge funds and other nonparticipating investors to “destroy documents” related to yachts and private jets belonging to the bank. clients. “Given the timing of this request and its purpose,” the House Democrats wrote, “Credit Suisse’s action raises significant concerns that it may be withholding information” about whether participants in the deal could “escape sanctions” imposed by the West after Russia’s decision. invasion of Ukraine.
On this news, Credit Suisse’s stock price fell $0.21 per share, or 2.58%, to close at $7.94 per share on March 28, 2022.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class that is adequate and typical of the class members directing and supervising the litigation on behalf of the putative class. Any member of the putative class may ask the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent member of the class. Your ability to participate in any collection is not affected by whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the conduct of Credit Suisse to contact the company, including whistleblowers, former employees, shareholders and others.
Lawyer advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated confidentially.
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