US Pension Leads Lawsuit Against Credit Suisse over Greensill and Archegos Debacles

Posted on 04/17/2021

City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed a class action lawsuit in federal court in Manhattan against Credit Suisse Group AG. The lawsuit alleges Credit Suisse of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management.

“Specifically, defendants concealed material defects in the Company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage, including Greensill Capital and Archegos Capital Management, exposing the company to billions of dollars in losses,” the lawsuit said.

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