Credit Suisse sued by shareholders as Asian executives depart

‘False and misleading statements’

Credit Suisse has been served with a lawsuit by shareholders over its recent difficulties, while being hit with the departures of several top executives in the firm’s Asia-Pacific arm.

The lawsuit, which was filed by US investors, has claimed that the bank made “materially false and misleading statements” in its 2021 annual report.

It was filed by Rosen Law Firm in Camden, New Jersey, which specialises in representing individual shareholders in suits.

The group was also the first to sue Silicon Valley Bank after it collapsed last week, causing the Federal Government to intervene.

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Meanwhile, various top executives have left the firm in its Asia-Pacific arm.

Nick Silver, co-head of equities for Asia Pacific and head of equities for Japan, is set to leave the firm to move to BNP Paribas SA, according to a memo seen by Bloomberg News.

Jonathan Jenkins, head of equity sales for Asia Pacific, and Chris Prasertsintanah, head of equities for South Asia and country manager for Thailand, are also set to depart, according to the memo.

Last week, Credit Suisse was forced to admit it had “material weaknesses” in its reporting and controls procedures when it published its delayed 2022 annual report.

Following a statement from the bank’s biggest shareholder, Saudi National Bank, that it would not provide further funding to Credit Suisse, its stock price plummeted 29.6% to record lows.

Credit Suisse declined to comment on either matter.