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Credit Suisse sued in the United States over commercial transactions involving Russian oligarchs

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Credit Suisse did not comment when contacted by Reuters.

The lawsuit, filed in a New York district court, is in the name of individuals and entities that purchased Credit Suisse securities between March 19, 2021 and March 25, 2022, Pomerantz said in a statement Friday night.

“The complaint alleges that during the trial period, the defendants made false and misleading statements regarding the company’s business, operations and compliance policies,” Pomerantz said in a statement.

The law firm has reported reporting shortcomings in connection with a securitization transaction. She quoted an article in the February issue of the Financial Times as saying that Credit Suisse had secured a loan portfolio for the yachts and private jets of its wealthiest customers in an unusual use of the instruments. derivatives to offset the risks associated with lending to ultra-rich oligarchs and entrepreneurs.

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The Financial Times said that after the publication of its article, Credit Suisse said in a statement that the transaction “was priced in line with other high-risk transactions, provided competitive investment and hedging conditions for our professional investor clients, increasing at the same time the flexibility of the bank’s capital. “

The lawsuit also concerns a request made by US lawmakers in March for Credit Suisse to hand over documents related to the financing of yachts and private jets owned by potentially sanctioned individuals.

On March 3, Credit Suisse said no customer data had been deleted from the bank when it asked investors to destroy documents related to a transaction in November last year, in response to another Financial Times article about oligarchs. .

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Credit Suisse has stopped pursuing new business in Russia after the February 24 invasion of Ukraine, the Swiss bank said on March 28, in an internal document seen by Reuters.

Credit Suisse, which reported losses in the first quarter this week, has been hit hard by a series of lawsuits and lawsuits that it has described as inherited issues.

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