Credit Suisse Group American Depositary Shares (CS) Company Bio
Credit Suisse Group operates in three segments: Private Banking & Wealth Management and Investment Banking. Private Banking & Wealth Management offers advice and a range of financial solutions to private, corporate and institutional clients. The company was founded in 1856 and is based in Zürich, Switzerland.
Credit Suisse Group AG agreed to pay $15.5 million to settle a lawsuit accusing it of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt, court filings on Friday show. The preliminary settlement of the proposed class action by holders of the Swiss bank's American depositary receipts from March 2015 to February 2016 requires approval by U.S. District Judge Lorna Schofield in Manhattan federal court. Credit Suisse took two writedowns in early 2016 on $4.3 billion of collateralized loan obligations and distressed debt, contributing to its first full-year loss since the 2008 global financial crisis.