A group of individuals and entities filed a lawsuit against Credit Suisse Group AG and some of its officers, alleging the bank violated federal securities laws given its business dealings with Russian oligarchs, according to law firm Pomerantz LLP.

The class action, filed in a district court in New York, is on behalf of those who purchased Credit Suisse securities between March 19, 2021 and March 25, 2022, Pomerantz said in a statement. 

The complaint alleges that during the period, Credit Suisse and its officers in question made materially false and misleading statements regarding the bank’s business, operations, and compliance policies, according to the statement. The defendants made such statements or failed to disclose that among other things, Credit Suisse’s 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, it said. 

Credit Suisse declined to comment on the suit.

Earlier this week, the Swiss bank reported losses of 206 million Swiss francs ($212 million) on exposure to Russia’s invasion of Ukraine.

Source by: bloomberg