Bermuda Court Orders Credit Suisse to Provide Information Relating to $1 Billion Fraud
This month, the
"For five years, the client victims of Credit Suisse have asked the bank to provide answers explaining how it missed such a brazen fraud committed by its own employee for almost a decade," said a Metigen spokesman for the affected victims. "At every turn, Credit Suisse has fought its own clients and refused to help. We are pleased that now courts in two countries have ordered Credit Suisse to finally do what's right and look forward to reviewing any information produced to determine the extent of any legal claims the victims may have against the bank."
The documents include emails between Credit Suisse employees during the fraud and details of the transactions which led directly to estimated losses of
The ruling comes as Credit Suisse seeks to recover from the resignation of CEO
The spokesperson added: "We are delighted with the ruling and look forward to Credit Suisse's full compliance with the Court's decision. Credit Suisse has continually flouted its obligations to discover all relevant documents, and has tried to hide behind Swiss law in actively trying to prevent our clients' efforts to uncover the truth behind the huge losses and the failures of Credit Suisse entities to prevent the same.
It has been clear for some time that there are fundamental flaws in Credit Suisse's corporate culture and failures at the highest level. We hope that the appointment of
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