A microchip maker is suing Credit Suisse, alleging the Swiss bank put $450 million into auction rate securities without authorization and made threats of retaliation when the company demanded its money and threatened to sue.
“Rather than siding with customers who had been victimized, Credit Suisse Group aligned itself with its wholly owned subsidiary Credit Suisse Securities and its corrupt brokers and directors,” STMicro says in the complaint filed in federal court in Brooklyn.
Credit Suisse is fighting back, calling the lawsuit “meritless,” according to Bloomberg.
Credit Suisse Sued Over Auction-Rate Securities [Bloomberg]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
CRIPPLEFIGHT!!!!!!!
Credit Suisse should cut a deal, they are in pretty good financial health anyways
“Credit Suisse”
… Stopped reading right there.