MANHATTAN: A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a US court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management.
“Specifically, defendants concealed material defects in the company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital and Archegos Capital Management, exposing the company to billions of dollars in losses,” the lawsuit said.
Reuters reported last month that Credit Suisse was considering compensating investors hit by the collapse of funds linked to Greensill. Huge losses at Archegos last month prompted Credit Suisse to replace its heads of investment banking and of compliance and risk after it said it would book a US$4.7 billion first-quarter charge from exposure to the stricken firm.
Source: Loan Digest (loandigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit Suisse sued over risk exposure to Greensill Capital, Archegos | Malay MailNEW YORK, April 17 — A pension fund filed a lawsuit against Credit Suisse Group AG yesterday in a US court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of...
Source: malaymail - 🏆 1. / 86 Read more »
Credit Suisse posts Q1 losses over Archegos collapseThe banking giant expects additional losses of 600 million francs on the fund. FMTNews CreditSuisse
Source: fmtoday - 🏆 5. / 72 Read more »
Credit Suisse posts Q1 losses over Archegos collapse | Malay MailZURICH, April 22 ― Swiss banking giant Credit Suisse, rocked by the bankruptcies of British financial firm Greensill and US hedge fund Archegos, suffered a first-quarter net loss of 252 million Swiss francs (RM1.13 billion), it reported today. The bank, which had recorded a net profit of 1.3...
Source: malaymail - 🏆 1. / 86 Read more »
Credit Suisse to hire over 1,000 IT staff in India in 2021ZURICH (Reuters) - Credit Suisse Group said it planned to hire over 1,000 IT employees in India this year to show its commitment to the country and its intention to establish it as a global technology innovation center for the bank.
Source: staronline - 🏆 4. / 75 Read more »
Credit card spending showed Najib knew funds were from SRC: DPPCOURT | Lavish credit card spending at Hawaii and Italy showed NajibRazak knew that RM42 mil of SRC International funds flowed into his account, the Court of Appeal heard. NajibRazak Pencuri wang rakyat hidup mewah NajibRazak Disgusting imagining how the fat lady spending our hard earned money overseas.. 😡 NajibRazak najibrazak was playing golf in Hawaii with POTUS44 remember ?
Source: malaysiakini - 🏆 20. / 51 Read more »