The lawsuit accuses the former executives of engaging in excessively risky trades to achieve high short-term returns and bonuses, which led to the collapse of the bank.
The lawsuit also claims that the executives created a culture that prioritized profits, risk-taking, and self-dealing over sound risk management and compliance with the law.
The collapse of Credit Suisse and the decision by Switzerland's regulator to render $18 billion of the bank's AT1 debt worthless has triggered hundreds of lawsuits, including a recent case in which the Federal Administrative Court of Switzerland received 230 claims against the country's financial regulator, FINMA.
LONDON DAILY ARCHIVE
Ex-CEOs of Credit Suisse Face Class Action Lawsuit Over Alleged Risky Trades and Prioritizing Profits Over Compliance
Three former CEOs of Credit Suisse, including Thomas Gottstein, Tidjane Thiam, and Brady Dougan, are facing a class action lawsuit filed by a group of Credit Suisse AT1 bondholders in a New York court.
22 June 2023 · 09:12 UTC
