Published on February 26, 2024 at 8:42 p.m.
Twenty-nine former or current executives of Credit Suisse have obtained the dismissal of a class action launched by shareholders of the bank in the United States, according to the decision of a New York judge dated February 14. According to the plaintiffs, twenty years of mismanagement had led to a multitude of scandals, fines and the fall of the shares of the former second-largest Swiss bank. These shareholders, who claim to have suffered financial damage, sought to obtain a trial in the United States but based on Swiss law. This procedure also included an American angle of attack, based on RICO legislation, generally used to combat organized crime.
By letting Credit Suisse sink into difficulties until it was taken over by UBS on March 19, 2023, the plaintiffs believed, these 29 executives and directors – including former president Urs Rohner and former legal director Romeo Cerutti – allegedly violated their duty of care. This notion, enshrined in the Swiss Code of Obligations, means that managers must look after the best interests of the company that employs them.
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2024-02-26 19:42:16
#Class #action #Credit #Suisse #dismissed #York #Temps
