The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmannreached a $32.5 million settlement to resolve a lawsuit accusing the Swiss bank of misleading shareholders about how well it managed risk, including its exposure to "high-risk" clients such as Archegos Capital Management.
The bank was accused of playing "a kind of high-finance game of Russian roulette" by letting hedge funds and other "prime" customers make risky, multi-billion dollar bets with its credit, despite publicly pledging a "core commitment" to managing its risk limits, risk oversight and credit exposure.Credit Suisse's "laissez-faire" approach led to at least $5.
Credit Suisse has dubbed 2022 a "transition" year as it reduces risk-taking, and installed restructuring expert Ulrich Koerner as chief executive.
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