The Swiss troubled bank reached out to clients, sitting on Greensill losses, with a special offer. The goodwill gesture is too late for some.
Credit Suisse clients, who have started litigation against the bank over the collapse of Greensill's supply chain finance funds, are not happy with the bank's offer of free services, the «Financial Times» (behind paywall) reports Thursday.
The Swiss lender is offering to drop its service fees for clients who invested in the $10 billion supply chain funds but is restricting the offer to clients who have not taken legal action against the bank.
Clients who accept the fee waiver would not have to renounce taking up litigation in the future, but reimbursements would be deducted from any gains resulting from such legal action, according to the «Reuters» report on Wednesday.
False Incentive
Citing Boies Schiller Flexner, a law firm preparing one class-action suit against the bank, the «FT» writes that Credit Suisse's latest action was «concerning» as it appeared to incentivize investors to decide against litigation.
