by Keystone / Walter Bieri Major Swiss bank Credit Suisse has agreed to pay .5 million (CHF14.6 million) to settle a dispute with shareholders in the United States, according to court filings on Friday. The plaintiffs, led by four pension funds, accused Credit Suisse of defrauding shareholders about its risk appetite and management before taking billion of writedowns on souring debt. The bank had boasted at the time of “comprehensive” risk controls and “binding” limits on its exposure to risky and illiquid debt, according to Reuters news agency. Credit Suisse denies any wrongdoing. The preliminary settlement of the proposed class action by holders of the Swiss bank’s American depositary receipts from March 2015 to February 2016 requires approval by a federal
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Featured, Latest News, newsletter
This could be interesting, too:
Frank Shostak writes Assumptions in Economics and in the Real World
Conor Sanderson writes The Betrayal of Free Speech: Elon Musk Buckles to Government Censorship, Again
Nachrichten Ticker - www.finanzen.ch writes Bitcoin erstmals über 80.000 US-Dollar
Nachrichten Ticker - www.finanzen.ch writes Kraken kündigt eigene Blockchain ‘Ink’ an – Neue Ära für den Krypto-Markt?
Keystone / Walter Bieri
Major Swiss bank Credit Suisse has agreed to pay $15.5 million (CHF14.6 million) to settle a dispute with shareholders in the United States, according to court filings on Friday.
The plaintiffs, led by four pension funds, accused Credit Suisse of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt.
The bank had boasted at the time of “comprehensive” risk controls and “binding” limits on its exposure to risky and illiquid debt, according to Reuters news agency. Credit Suisse denies any wrongdoing.
The preliminary settlement of the proposed class action by holders of the Swiss bank’s American depositary receipts from March 2015 to February 2016 requires approval by a federal court in Manhattan.
You Might Also Like
SWISS slowly expands web of destinations from Zurich and Geneva
Swiss International Air Lines (SWISS) has published its flight schedules up to October 24, the end of the summer timetable. As well as resuming service to more network destinations, it plans to intensify its frequencies on routes already restored in both its short-haul and long-haul networks.
Tally Weijl to close quarter of stores
Swiss fashion chain Tally Weijl will close 200 of its 800 stores internationally and withdraw completely from Bulgaria. In Switzerland, it will close between five and ten of its 81 stores. However, the company says it has secured financing.
Swiss government extends coronavirus economic support
The Federal Council is extending short-term unemployment benefits by another six months and plans to help cushion financial losses faced by public transport. On Wednesday, the government announced that it is extending the maximum period for receiving partial unemployment support from 12 to 18 months to counteract a rise in unemployment.
New Swiss aid budget proposes more funds but for fewer countries
The Swiss government wants to set aside CHF11.25 billion ($11.43 billion) in development aid for the 2021-2024 period. The governing Federal Council adopted its Strategy for International Cooperation on Wednesday after opening it up for public consultation. It will still have to be approved by parliament.
Audit office denies ‘mass phenomenon’ of Covid-19 credit abuse
An interim report on government pay-outs to businesses during the Covid-19 crisis has revealed that there is suspected abuse in less than 1% of cases. Тhe Federal Audit Office investigated some 94,000 coronavirus loans amounting to CHF11.4 billion ($12 billion). It found indications of abuse in about 400 cases, which amounts to about CHF88 million in guarantees.
New cars on Swiss roads failed to meet emissions targets
Fuel consumption and emissions limits for new cars in Switzerland missed their target in 2019 for the fourth year in a row. This resulted in sanctions totalling CHF78 million for car importers.
Fewer cows, more cars: Switzerland misses its emission targets
Switzerland’s emissions have declined over the last 30 years, but not enough to meet the national targets set for 2020. What’s behind the gap? By 2020, greenhouse gas emissions in Switzerland should be down by 20% from what they were in 1990. That’s the target outlined in the federal CO2 law.
New Geneva platform to ‘anticipate societal changes’
A new international platform is to be launched in Geneva to anticipate the effects of societal changes amidst the Covid-19 crisis, Swiss President Simonetta Sommaruga said on Wednesday.
Tags: Featured,Latest news,newsletter