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Credit Suisse entities agree to settle lawsuit in U.S. for $81 million

by Mike Robinson

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© Reuters. FILEPHOTO: A branch of Swiss bank Credit Suisse, Zurich, Switzerland is shown with the logo, November 3, 2021. Picture taken November 3, 2021. REUTERS/Arnd WIegmann

WASHINGTON, (Reuters) – Credit Suisse (SIX:) Group AG entities, among six defendants in a lawsuit originally filed by Iowa Public Employees Retirement System and other retirement associations, has agreed to pay $81 million, the first to agree to settle, the law firm Cohen Milstein Sellers & Toll PLLC said in a release.

Lawyers for plaintiffs stated in court filings late Friday that the first settlement agreement included a $81 million cash payment as well as an obligation by Credit Suisse to cooperate with plaintiffs in litigating, and eventually trying their cases against other defendants.

Units of Credit Suisse were accused by the plaintiffs. Goldman Sachs Group Inc (NYSE:), JPMorgan Chase & Co (NYSE:) and three other banks of conspiring since 2009 to keep the stock lending market “in the stone age” by boycotting startup platforms like AQS or Data Explorers. The banks were accused of charging excessive fees to their investors.

Credit Suisse has not yet responded to my request for comment.

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