At least two US law firms are investigating securities fraud claims against Credit Suisse and recent comments from Chairman Axel Lehmann that clients had stopped withdrawing funds from the firm.
More potential headaches are facing Credit Suisse group general counsel Markus Diethelm as two law firms in the US announced they are investigating comments made by its Chairman Axel Lehmann in early December that clients had basically stopped withdrawing funds from the troubled lender.
At the time of Lehmann's comments, Credit Suisse reported outflows of around 84 billion Swiss francs ($88.4 billion) between October and mid-November, representing a decline of about six percent of its overall assets under management.
Billions Out of Credit Suisse
Between then and the end of the year, clients pulled further tens of billions out of Credit Suisse. According to results in its annual report, fourth-quarter outflows were 110.5 billion francs. Lehmann's comments are under review by the Swiss Financial Swiss Market Supervisory Authority (Finma), and now at least two law firms in the US are piling on.
The US law firm Block and Leviton announced it is «investigating securities fraud claims against Credit Suisse and its new Chairman Lehmann.» It is telling investors they might be able to recover the losses in Credit Suisse ADR stocks.
Preparing a Class Action
The Rosen Law Firm subsequently said it is preparing a class action seeking the recovery of investor assets, according to a statement issued on Friday. It said it is also investigating «allegations that Credit Suisse may have issued materially misleading business information to the investing public.»
Both firms are encouraging investors to provide them with their particulars and information on their Credit Suisse holdings which could potentially lead to class action suits against Credit Suisse.
Credit Suisse declined to comment to finews.asia when asked about the matter.
