US Shareholders Sue Credit Suisse for Allegedly Concealing Financial Woes and Poor Controls

Credit Suisse is facing class-action lawsuits from US shareholders alleging the bank failed to disclose its financial problems and violated securities laws. The lawsuits claim that the bank made false or misleading statements about its finances and failed to disclose a "significant" increase in customer outflows at the end of 2022. Credit Suisse's shares rose by over 9% following comments made by its Chairman Axel Lehmann last year, but sank by over 15% in February after the bank released financial results showing that outflows continued through the end of last year. The Swiss National Bank extended a $54 billion loan to the bank to shore up its liquidity.