Saturday, 17 Apr 2021 12:25 PM MYT
The pension fund, City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed the class action lawsuit in federal court in Manhattan, alleging violations of federal securities laws. Switzerland’s second-biggest bank has been reeling from its exposure to the collapse first of British fund Greensill and then US investment fund Archegos within the course of one month.
Credit Suisse’s asset management unit last month was forced to shut US$10 billion of supply chain finance funds that invested in bonds issued by Greensill after the British firm lost credit insurance coverage shortly before filing for insolvency.
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