EC Levels FX Charges Against Credit Suisse

Credit Suisse has revealed in its Q2 financial report that the European Commission (EC) is alleging that the bank engaged in anti-competitive practices relating to its FX business.

“On July 26, 2018, Credit Suisse Group AG and certain affiliates received a Statement of Objections from the European Commission (Commission), alleging that Credit Suisse engaged in anti-competitive practices in connection with its foreign exchange trading business. The Statement of Objections sets out the Commission’s preliminary views and does not prejudge the final outcome of its investigation,” the report states.

A spokesperson for Credit Suisse declines to comment on the news.

The report also notes that on May 31, 2018, plaintiffs served a motion for class certification in the US consolidated class action relating to the alleged manipulation of FX rates.

It then notes: “On July 10, 2018, the United States Court of Appeals for the Second Circuit issued an order affirming in full the SDNY’s decision to dismiss the putative US Employee Retirement Income Security Act of 1974 (ERISA) class action against Credit Suisse AG and affiliates as well as other defendant financial institutions and denying plaintiffs’ request for leave to amend their complaint.”

 

Galen Stops

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