In the case surrounding the closed Greensill funds, plaintiffs are forming against Credit Suisse. A Geneva law firm is also involved.
Last week, Credit Suisse (CS) had given advance warning. In its annual report for 2020, the bank stated that it expects claims for damages in connection with the closed Greensill funds: Fund investors had already threatened the second-largest Swiss bank with lawsuits, it said.
U.S. law firm Pomerantz, which specializes in class actions, is publicly looking for CS clients willing to sue; on Tuesday, the British firm Alcimos came forward with such a call. Accordingly, the company, which is likely to be a shell, has hired law firms Chabrier Avocats in Geneva and Strelia in Luxembourg to investigate possible claims by current and former investors in the Greensill funds against CS and affiliated companies.
UBS Another Target
The call relates not only to the four Greensill funds, which the bank has already begun liquidating but also to other vehicles that are currently suspended from trading. Chabrier and Strelia's legal assessments will be used to organize a class action and obtain litigation funding, according to the Alcimos announcement.
The U.K.-based company said it recently organized a class action lawsuit in Swiss courts against UBS on behalf of aggrieved investors who had invested in bonds issued by Greek jewelry retailer Folli Follie, which was threatened with insolvency.
