U.S. Pension Fund Sues Credit Suisse Over Recent Botches
A Michigan-based pension fund is suing Credit Suisse over failures related to the recent collapses of supply chain funds Greensill and family office Archegos.
City of St. Clair Shores Police & Fire Retirement System filed a class action lawsuit in a Manhattan-based federal court alleging that the Swiss bank had violated federal securities laws.
«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,» according to a «Reuters» report citing the lawsuit.
Credit Suisse continues to face the aftermath from the $10 billion shutdown of Greensill supply chain finance funds and a $4.7 billion loss booked from the downfall of Bill Hwang’s family office Archegos.
