Credit Suisse sued over writedowns

Source: Credit Suisse hit by U.S. lawsuit over writedowns, says case

On Friday, an ex-Credit Suisse wealth manager was sentenced to five years in jail for defrauding clients including former Georgian prime minister Bidzina Ivanishvili and Russian oligarch Vitaly Malkin. Former U.S.-based brokers also accuse the bank of withholding up to $300 million of pay after their private banking unit was shuttered in 2015. The bank has said that lawsuit has no merit. Additionally, Switzerland’s FINMA financial industry watchdog has contacted the Zurich-based bank after it decided to terminate a product linked to market volatility after its value plunged during a recent rout of global stock markets.

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