Economy category powered by

US law firm lodges complaint against Credit Suisse

A complaint has been lodged in the US against Credit Suisse, saying it overstated its prospects before this week’s shares crash.

According to a report in The Guardian, Rosen Law Firm, a class action lawsuit specialist, has lodged a complaint in a court in Camden, New Jersey, which claims the bank made “materially false and misleading statements” in its 2021 annual report. The lawsuit would represent the first mounted against Credit Suisse since the crisis rapidly devalued shareholders’ investments.

The bank suffered a rapid sell-off, with shares plunging on Wednesday by as much as 30% at one point after comments from Credit Suisse’s largest shareholder, Saudi National Bank, which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10%.

Read More

Cyprus film incentives scheme production ‘The Moustakas Sisters Mysteries' to make UK premiere
OMIROS acquires Hadjipieris Dairy and plans to invest €30m in Cyprus over next five years
All the details of the bill on the control of foreign direct investments
OMONOIA has been certified with ISO 37001 against bribery and corruption
Cypriot John Ioannou appointed as TITAN's new Group CFO
ICan Primary School is officially listed among the Licensed Schools by the Ministry of Education of Cyprus
Cloud Tech Expo, Cyprus, 2025 delivers on its promise to demystify digital transformation
Contracts signed for €29.92m phase B3 of the Nicosia perimetre highway
Commission launches strategy aiming to make Europe quantum leader
EU invests €2.8 billion in 94 transport projects, including Cyprus ports