Law360 (April 19, 2021, 4:51 PM EDT) — Credit Suisse Group AG investors accused the bank in New York federal court of misleading the public about its oversight of “high-risk clients” Greensill Capital and Archegos Capital Management, whose recent implosions have cost the bank billions of dollars.
A proposed class filed securities claims against Credit Suisse on Friday, alleging that the bank concealed defects in its risk controls and compliance oversight functions that allowed excessive amounts of leverage to be extended to the financial services firm Greensill and family office Archegos.
Credit Suisse terminated $10 billion of funds linked to Greensill in early March after the firm’s insurer refused…
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