Credit Suisse Sued for Transacting with Russian Oligarchs

Pomerantz, a law firm in New York City sued Credit Suisse on Friday for misleading investors over its business relations with Russian oligarchs. 

“The complaint alleges that, throughout the class period, defendants made materially false and misleading statements regarding the company’s business, operations, and compliance policies,” Pomerantz said. 

Pomerantz filed the lawsuit on behalf of a group of people and entities who acquired securities between March 2021 and March 2022.

In February, the Financial Times reported that Credit Suisse had securitized a portfolio of loans linked to wealthiest customers’ yachts and private jets.

Following Russia’s invasion of Ukraine, the West hit Russian oligarchs with a series of sanctions, leading to their most precious assets being seized – superyachts, properties, private jets, or even art. 

Meanwhile, US President Joe Biden unveiled a new plan last Thursday to sell Russian oligarchs’ houses and yachts for Ukraine and its defense.

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