U.S. shareholders have filed lawsuits against Credit Suisse alleging the bank misled customers about its financial status and violated securities laws in the process.
is facing legal action from U.S. shareholders who allege the Swiss Bank failed to disclose its financial woes and violated securities laws.alleging the bank made false or misleading statements about its finances and failed to adequately disclose that it suffered from a "significant" increase in customer outflows at the end of 2022. A newly filed suit includes those claims, plus a claim related to material weaknesses in Credit Suisse’s internal financial controls.
Swiss bank Credit Suisse is facing lawsuits from U.S. shareholders alleging the bank failed to disclose its financial problems. Credit Suisse shares hit a record low on Tuesday, and the bank said in its annual report that "certain material weaknesses in our internal controls over financial reporting" had been detected, leading management to describe those controls as "not effective" for 2021 and 2022.
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