CS Victims has been established by the representatives of clients of Credit Suisse.
They are victims of fraud and mismanagement perpetrated by the Bank’s personnel which led to client losses of more than $1 billion. Over many years, client funds were stolen and mismanaged and, to date, Credit Suisse has yet to explain how its personnel were able to bypass compliance and risk management or why better controls were not in place or adequate enough to stop their criminal activities.
Despite investigations by PwC and FINMA, Credit Suisse has refused to take responsibility for the crimes or compensate the victims.
The crimes are currently being investigated by the Geneva prosecutor who has recently called other Credit Suisse employees to explain their actions and widened the investigation to include possible charges of aggravated money laundering.
On 29th March 2022, the Supreme Court of Bermuda ruled against Credit Suisse Life (Bermuda) Limited, finding it responsible for breach of contract, breach of fiduciary duty and fraudulent misrepresentation. The Court awarded more than $600m in damages to the affected policyholders.
The landmark Judgement represents the first time Credit Suisse has been held accountable for the crimes and failures which led to client losses of more than $1 billion. The Chief Justice found in favour of the Policyholders on every point of substance and the awarded damages have been calculated on the highest basis possible. The case generated significant media interest and a selection of the press coverage can be viewed here. Credit Suisse appealed the Judgement which was dismissed in June 2023.
On 26th May 2023, the International Commercial Court of Singapore ruled against Credit Suisse Trust (Singapore) Ltd, confirming it had breached its duties to the beneficiaries and failed to prevent the convicted Relationship Manager from accessing the Trust assets. The Judgement confirmed the subsidiary of Credit Suisse had deliberately withheld documents and had acted dishonestly to conceal the fraud, prioritising the retention of the ‘big client’ over its core obligation of keeping the Trust assets safe. The case generated significant media interest and a selection of the press coverage can be viewed here. The Court awarded more than $900m in damages to the affected beneficiaries.
The failures of Credit Suisse has caused untold damage to the reputation of the Swiss banking industry. If you believe that you have been affected in the same or a similar way or are concerned for any reason at all, please fill in the contact form here and we will respond.
Despite the takeover by UBS, Credit Suisse needs be held accountable and take responsibility for any and all wrongdoing by its personnel.
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