Do, Dez 14th 2023
Credit Suisse, which was acquired by UBS, settles proceedings brought by the US Securities and Exchange Commission (SEC) with a payment of over USD 10 million. According to the SEC, CS allegedly offered services to investment funds without authorization.
Following a court order, Credit Suisse Securities and other CS units were temporarily prohibited from acting as issuers or advisors for investment funds, according to a statement published by the SEC on Thursday night. Nevertheless, they were active in these functions. The New Jersey Superior Court had issued a settlement order in October 2022 in a case involving mortgage-backed securities.
In the settlement with the SEC, the Credit Suisse entities neither admitted nor denied the allegations. Specifically, they will pay over 7.7 million dollars in restitution and interest and 3.3 million in civil penalties.
UBS expressed its satisfaction on Thursday: “Following the identification and reporting of this matter to the SEC, this settlement represents another important step in our efforts to proactively address and resolve Credit Suisse’s legal cases and legacy issues,” a spokeswoman told the news agency AWP.
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