The SEC, US Justice Department, and Finma are looking into whether Switzerland's second-largest bank misled investors in the months leading up to its collapse.
Did they make things look a great deal better than they were or not? That is apparently one of the questions facing Credit Suisse by key American regulators, according to the XM website citing a «Reuters» report published Tuesday.
According to the news service, US authorities are looking into whether the now-defunct bank misled investors about its financial health in the months leading up to its demise.
Related to that, Credit Suisse «has received requests for documents and information» from the US Securities and Exchange Commission, the Justice Department as well as Swiss banking regulator Finma.
Cooperating with Authorities
The news agency indicated that UBS, which was forced to take over the country's second-largest bank in March, is cooperating with authorities.
UBS for its part indicated in its second quarter report that three class-action lawsuits had been filed against Credit Suisse and its current and former directors in relation to potentially misleading statements about client withdrawals at the end of 2022.
According to Reuters, Credit Suisse and the SEC did not comment while UBS and the Justice Department did not respond. Finma indicated that it regularly requests information and documents as part of its supervisory regime but did not comment on this specific case.
