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Credit Suisse, Funds Must Mediate Over $1B Write-Downs

Law360 (March 6, 2019, 7:12 PM EST) -- Credit Suisse must take part in mediation with a proposed class of institutional investors accusing the bank of concealing risk management problems in its fixed-income franchise ahead of $1 billion in write-downs in 2016, a New York federal judge said Tuesday.

The parties are required to engage in mediation at least once before April 2, U.S. District Judge Lorna G. Schofield said in a brief order. The move comes on the heels of Credit Suisse Group AG’s attempt to exit the investors' proposed class action, which was partially rejected by Judge Schofield last month.

The investors, led by four pension funds,...

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Case Information

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New York Southern

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Date Filed

December 22, 2017

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