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CS.US
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.
Pending settlement
29 October 2020
Class period Start31 March 2021
Class period End06 April 2023
Claim deadlineCredit 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.
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Case number
1:21-cv-03385-NRB
Filing date
16 April 2021
Lead plaintiff
Sheet Metal Workers Pension Plan of Northern California, City of St. Clair Shores Police, Fire Retirement System
Attorney
Robbins Geller Rudman & Dowd LLP, VanOverbeke Michaud & Timmony, P.C.
Defendants
Thomas Gottstein, David R. Mathers, Lara J. Warner, Brian Chin
Court
Southern District of New York
Judge
Hon. Naomi Reice Buchwald
Administrator
Gilardi & Co LLC
Court hearing date
11 May 2023
Exclusion deadline
20 April 2023
Objection deadline
20 April 2023
+$32,500,000
Total Settlement Amount