Investors file class action against Credit Suisse over Archegos, Greensill dealings

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) -Investors have filed a lawsuit against Credit Suisse over the Swiss bank’s dealings with Archegos and Greensill, a law firm organising the class action said on Friday.

The Law Offices of Frank R. Cruz said that the lawsuit has been filed on behalf of investors who purchased or otherwise acquired Credit Suisse Group AG American Depositary Receipts between Oct. 29, 2020 and March 31, 2021, the law firm said in a statement.

Credit Suisse did not immediately respond to a request for comment.

Credit Suisse has been plunged into crisis after losing more than $5 billion from the collapse of U.S. investment firm Archegos and suspending funds linked to collapsed British supply chain finance company Greensill Capital. The fallout has prompted internal and external investigations, sackings and a capital raise at Switzerland’s second-largest lender, in what new chairman and veteran banker Antonio Horta-Osorio had described as his biggest challenge yet.

Its share price has fallen nearly 30% since the beginning of March, when it first disclosed issues related to its Greensill-linked supply chain finance funds.

Credit Suisse investors have until June 15 to file a lead plaintiff motion, it said.

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