Bloomberg Law
March 16, 2023, 6:27 PM

Credit Suisse Faces First US Investor Lawsuit Over Meltdown (1)

Hadriana Lowenkron
Hadriana Lowenkron

Credit Suisse Group AG was hit with its first US investor lawsuit over the bank’s recent difficulties, alleging that it overstated its financial prospects to shareholders.

The proposed class-action complaint, filed in federal court in Camden, New Jersey, alleges the bank made “materially false and misleading statements” in its 2021 annual report.

The suit was filed by the Rosen Law Firm, which specializes in representing individual shareholders in such suits and was also first to sue Silicon Valley Bank after it was put into receivership last week. Complaints filed by bigger investors usually become the main shareholder cases. ...