Credit Suisse has officially been sued, along with some of its officers, for allegedly violating federal securities laws in its business dealings with Russian oligarchs.
The class action lawsuit was filed in New York district court, according to Bloomberg. It was filed on behalf of people who purchased Credit Suisse securities between March 19, 2021 and March 25, 2022, lawfirm Pomerantz said.
The complaint alleges that that the bank and its officers made "materially false and misleading statements regarding the bank’s business, operations, and compliance policies", the report says.
The banks "practice of lending money to Russian oligarchs subject to U.S. and international sanctions created a significant risk of violating rules pertaining to those sanctions and future ones," Bloomberg reported.
Meanwhile, the bank had just reported losses of 206 million Swiss francs due to its exposure to Russia, the report says.