Credit Suisse Settles U.S. Shareholders’ Exposure Claim, Archegos By Reuters & More News

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Peter Kavinsky

© Reuters. The logo of the Swiss bank Credit Suisse on an office building in Zurich, Switzerland on September 2, 2022. REUTERS/Arnd Wiegmann

Jonathan Stempel

NEW YORK (Reuters) – Credit Suisse Group AG has reached a $32.5 million settlement to settle a lawsuit that accuses a Swiss bank of misleading shareholders about how well it manages risk, in including in relation to “high risk” clients such as Archegos Capital Management.

A preliminary settlement of the proposed class action was filed Friday in the U.S. District Court in Manhattan and is seeking judge approval.

The bank has been accused of playing “a kind of massive financial game of Russian roulette” by allowing hedge funds and other “prime” clients to make risky multi-billion dollar bets with its loan, despite a public promise of a “basic commitment” to manage its limits. risk, risk supervision and credit risk.

Credit Suisse’s “hands-off” approach resulted in losses of at least $5.5 billion, including from the collapse of Archegos and British financier Greensill Capital, which saw shareholders lose money as the price of its American depository shares fell, according to the report. court documents.

The bank denied wrongdoing, agreeing to the settlement. The statement said they are happy to settle the lawsuit.

Credit Suisse has called 2022 a “transitional” year as it reduces risk and has appointed restructuring expert Ulrich Koerner to the post of chief executive.

The collapse of Archegos resulted in about $10 billion in bank losses and wiped out over $100 billion in shareholder value.

The Friday settlement applies to ADR investors from October 29, 2020 to March 31, 2021.

The lead plaintiff is the Northern California Sheet Metal Workers Pension Plan. His lawyers plan to recover up to 27.5% of the settlement, or about $8.9 million, in legal fees.

The case is in the City of St. Clair Shores Police & Fire Pension System v. Credit Suisse Group AG, U.S. District Court, Southern District of New York, no. 21-03385.

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