[1/3] Chief Executive Officer of Credit Suisse, Thomas Gottstein, speaks during the fourth annual Future Investment Initiative in Riyadh, Saudi Arabia, January 27, 2021.
REUTERS/Ahmed Yosri/File PhotoZURICH, June 22 (Reuters) - A group of Credit Suisse AT1 bondholders has filed a class action suit accusing former executives at the Swiss bank, including three past chief CEOs, of being responsible for the bank's downfall.
"Credit Suisse’s directors and senior executives, and the rotten culture they instilled and fostered, destroyed trust in the bank, which led to its collapse," the lawsuit said.
The lawsuit also accused executives of "creating and perpetuating a culture at Credit Suisse that placed profits, excessive risk-taking, and self-dealing over sound risk management and compliance with the law."
Last month, Switzerland’s Federal Administrative Court said it has received 230 claims against the country’s financial regulator FINMA after it wrote off the value of Credit Suisse’s AT1 bonds.
Persons:
Thomas Gottstein, Ahmed Yosri, Tidjane Thiam, Brady Dougan, litigators, Noele, Tomasz Janowski
Organizations:
Credit Suisse, Investment, REUTERS, UBS, Court, Thomson
Locations:
Riyadh, Saudi Arabia, ZURICH, Swiss, New York, Switzerland’s Federal