Credit Suisse hit by legal action from US investors amid banking turmoil
- Date: 17-Mar-2023
- Source: The Guardian
- Sector:Financial Markets
- Country:Saudi Arabia
Credit Suisse hit by legal action from US investors amid banking turmoil
US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming that it overstated its prospects before this week’s shares crash.
The lender suffered a rapid sell-off, with shares plunging on Wednesday by as much as 30% at one point after comments from Credit Suisse’s largest shareholder, Saudi National Bank, which said it was unable to pump in more cash because of regulatory restrictions limiting its holding to below 10%.
The Swiss central bank later stepped in to offer Credit Suisse a £44.5bn lifeline and the shares rallied, recovering most of their losses on Thursday.
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