US pension fund sues Credit Suisse over Archegos failures

Lawsuit alleges top execs breached fiduciary duties; Credit Suisse shareholders block board exoneration

Providence City Hall, Rhode Island, US
Providence City Hall, Rhode Island, US

A US public pension plan is suing Credit Suisse for losses tied to the collapse of Archegos Capital Management, which cost the bank $5.5 billion.

The lawsuit by the Employee Retirement System of the City of Providence, in Rhode Island, claims board members and senior executives at Credit Suisse breached their fiduciary duties by failing to ensure the bank’s prime services business had the proper risk controls, systems and staff in place.

New York-based litigation firm Bernstein Litowitz Berger

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