US authorities scrutinize if Credit Suisse misled investors before rescue -filing

"FINMA supervises the bank very closely and requests necessary information and documents as part of its oversight, a spokesperson said, declining to comment on this particular case.

Reuters could not determine which period of disclosures the SEC, DOJ and FINMA are looking at and which Credit Suisse employees, if any, may be targeted."

"Lehmann did not immediately respond to request for comment on Tuesday.

Credit Suisse was hit by 110.5 billion Swiss francs ($124 billion) of outflows in the last three months of 2022 which pushed the bank close to the brink. Those outflows continued in the first half of 2023.

In the early hours of March 16, Credit Suisse said it intended to borrow from the SNB through a facility called Emergency Liquidity Assistance (ELA) to “pre-emptively” bolster its cash buffers."

SOURCE:

https://www.reuters.com/business/finance/us-authorities-scrutinize-if-credit-suisse-mislead-investors-before-rescue-2023-09-19/

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