Several shareholders, including private investors and investment entities, have sued Suisse Creditgiven that the entity is deceiving them about the business they have with the Russian oligarchs, as confirmed by law firm Pomerantzz.

The lawsuit has been filed in New York by shareholders who took up positions in Swiss banks between March 19, 2021 and March 25, 2022.

“The lawsuit alleges that the defendants committed materially false and misleading statement with respect to the company’s business, operations and compliance policies”, they explained from Pomerantz.

Deficiency in degrees

The law firm alleges a lack of information regarding the securitization operation. He cited in his statement a February Financial Times article in which the newspaper reported that Credit Suisse had secured a portfolio of loans linked to its richest clients’ yachts and private jets, in its unusual use of derivatives to reduce the risks associated with lending to ultra-oligarchs and Rich business man.

Credit Suisse released a statement following the publication of the article reassuringly that the deals “at prices that are in line with other operations of significant risk, offer competitive investment conditions and coverage for our professional investor clients, while increasing the flexibility of the bank’s equity.”

The lawsuit also refers to a request by US lawmakers in March that Credit Suisse submit documents related to the financing of yachts and private planes belonging to a potentially sanctioned person.

Shareholders support the entity

The news became known after 88.5 percent of Credit Suisse shareholders chose not to audit about the bank for a possible corruption case, known as the “Swiss Secret”, and which was disclosed by the press.

In addition, an investigation was also requested into the financial relationship between the bank and Anglo-Australian financial services firm Greensill Capital, which had caused heavy losses to the entity.

The shareholders’ meeting also largely approved the appointments of Axel Lehmann as chairman of the board, and Christian Gellerstad as vice chairman.

Lehmann came to power in January after his predecessor, Portuguese Antonio Horta-Osório, had to resign 9 months after taking office when it was discovered he had repeatedly violated Swiss and British quarantine regulations.

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