Credit Suisse hit by legal action from US investors amid banking turmoil
by Alex Lawson from US news | The Guardian on (#69X4S)
Complaint claims bank made materially false and misleading statements' in 2021 annual report
US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming that it overstated its prospects before this week's shares crash.
The lender suffered a rapid sell-off, with shares plunging on Wednesday by as much as 30% at one point after comments from Credit Suisse's largest shareholder, Saudi National Bank, which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10%.
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