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CS sued in Australia over funds in Greens

Credit Suisse, a leading Swiss bank, has teamed up with other victims to recover some of their lost money associated with the Greens scandal in Australia.

Credit Suisse filed two lawsuits in February against Insurance Australia Group (IAG), Australia’s largest insurance company, the news agency reported. “Reuters” Emerges.

There are lawsuits based on the presumption that the IAG should be liable for compensation by selling policies to Greensil through the former subsidiary BCC Trade Credit, which Greens denies.

The bank is seeking compensation from the insurance company in the Greens case. The big bank suffered significant losses in the so-called supply chain funds business Various reports.

Class action case against IAG

CS’s two lawsuits against the IAG are integrated with the other two lawsuits. Greens executives and US financier White Oak Global Advisers have already filed their lawsuits by the end of 2021. All four cases advanced to the first administrative hearing in federal court on Thursday.

The lawsuit alleges a total of A $ 300 million (approximately 200 million Swiss francs). According to Reuters, half of this is due to the white oak case.

Will President Axel Lehmann and CEO Thomas Godstein succeed in getting Credit Suisse back on track?

  • Yes, nothing can go wrong with two Swiss people.

  • Yes, but it will take at least three years.

  • Even with these two managers, everything will be the same.

  • No, Thomas Godstein should go first.

  • No, Credit Suisse can no longer help.