Credit Suisse News

Credit Suisse Investors Push for Faster Climate Action

A group of Credit Suisse investors pushing for faster climate action at the Swiss bank has more than doubled in size, raising pressure on its board ahead of its annual shareholder meeting on Friday. Credit Suisse, along with other major …

Credit Suisse Shareholders Advised Against Clearing Board of 2020 Liability

Proxy advisers Glass Lewis and ISS have recommended Credit Suisse’s shareholders vote against discharging the bank’s board and management from liability for the 2020 financial year at its annual general meeting on April 29. Glass Lewis said in a report …

Greensill Capital Still Has $9.3B to Pay on Its Notes After Its Collapse a Year Ago

Greensill Capital collapsed more than a year ago, but $9.3 billion of assets sold to investors as notes are yet to pay out. The lender, which collapsed in March 2021, sold short-term trade finance products to investors including funds run …

Japanese Insurer Tokio Marine Says Greensill Obtained Policies Fraudulently

Companies linked to insolvent British financier Lex Greensill obtained insurance fraudulently, insurer Tokio Marine said on Monday, adding it did not plan to pay out on the policies and would “vigorously defend” itself against any legal claims. Greensill’s supply chain …

Credit Suisse Warns Greensill Litigation Against Insurers, Debtors May Take 5 Years

Credit Suisse said on Monday that litigation related to Greensill supply chain finance funds (SCFF) could take around five years and warned that some investors would not be able to recover their money. Credit Suisse racked up a 1.6 billion …

Credit Suisse Faces $500M-Plus Bill After Ex-Georgian PM Wins Bermuda Court Case

A Bermuda court on Tuesday ruled former Georgian Prime Minister Bidzina Ivanishvili and his family are due damages “substantially in excess of $500 million” from Credit Suisse’s local life insurance arm in a costly setback for the bank. The court …

Some Credit Suisse Investors Do Not Want to Absolve Execs for Greensill Losses: FT

Some shareholders in Credit Suisse do not want the bank to hold a vote in the annual meeting on absolving senior executives from losses racked up in the Greensill affair, The Financial Times reported on Sunday. Investors have also raised …

Credit Suisse Faces Charges It Let Alleged Bulgarian Cocaine Traffickers Launder Money

Credit Suisse faced charges in a Swiss court on Monday of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros, some of it stuffed into suitcases. In the first criminal trial of a major bank in Switzerland, …

Credit Suisse Faces $45.5 Million Claim in Swiss Money-Laundering Trial

Swiss prosecutors are pursuing around 42.4 million Swiss francs ($45.5 million) in compensation from Credit Suisse in a money-laundering trial due to begin on Feb. 7, the Swiss Federal Criminal Court (FCC) said on Monday. The Office of the Attorney …

Credit Suisse Plunged Into Chaos After Chairman Ousted for Breaching COVID Rules

The banker tasked with fixing Credit Suisse Group AG was ousted just nine months into the job for breaching COVID quarantine rules, throwing the Swiss financial giant into fresh turmoil as it struggles to emerge from a series of scandals. …