Suits on Credit Suisse over failures – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Suits on Credit Suisse over failures – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, April 29: According to informed sources, the Public Institution for Social Security has given permission to at least two of its foreign portfolio managers to file lawsuits against Credit Suisse on the grounds of concealing information and not disclosing how the bank was affected, as its business was affected more than the rest of the banks that process a variety client base, reports Al-Rai daily. The sources explained that the volume of the institution’s exposure to the US Silicon Valley Bank “SVB”, which also collapsed, is approximately USD 165 million, of which about USD 130 million is fully guaranteed.

This means that it will not be classified as an investment subject to erosion due to the bank’s bankruptcy. The managers obtaining judicial permission does not mean that only two cases will be filed in the name of the Public Institution for Social Security on Credit Suisse, as the permission gives them the opportunity to file multiple cases if they find it due, according to the investments directed by them and their type, in a way that guarantees the institution’s right.