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id: 447, Created by Stan Vick Chase, Scout
City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG, et al.
29 October 2020Class period Start
31 March 2021Class period End
06 April 2023Claim deadline
Credit Suisse Group AG (CS) agreed to pay $32.5 million to settle a securities class action lawsuit accusing the Company of deceiving investors about defects in the Company's compliance policies.
The Complaint alleged that the Company and its Leaders issued materially false and misleading statements regarding the Company’s business metrics and financial prospects. Specifically, they 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, including Greensill Capital and Archegos Capital Management, exposing the Company to billions of dollars in losses.
Credit Suisse Group AG (CS) agreed to settle with investors to avoid further litigation.
Depository Securities (ADS, ADR, GDR)
16 April 2021
Sheet Metal Workers Pension Plan of Northern California, City of St. Clair Shores Police, Fire Retirement System
Robbins Geller Rudman & Dowd LLP, VanOverbeke Michaud & Timmony, P.C.
Thomas Gottstein, David R. Mathers, Lara J. Warner, Brian Chin
Southern District of New York
Hon. Naomi Reice Buchwald
Gilardi & Co LLC
Court hearing date
11 May 2023
20 April 2023
20 April 2023
+$32,500,000Total Settlement Amount