New Credit Suisse anti-registration in violation of client rights

LONDON, April 4, 2022 /PRNewswire/ — Credit Suisse Group’s irresponsible, wrongful and dishonest behavior was continued by the Bank’s Guernsey trustee, which failed to distribute the funds to beneficiaries of the Trust, according to CS Victims. The trustee unreasonably delayed payment for a month – thus refusing to comply with the client’s instructions issued on March 4, which expected the distribution to be carried out in accordance with established practice – within hours.

Yet, the Credit Suisse Trustee consistently delayed payment, demanded irrelevant documents, made unwarranted and nonsensical excuses, invoked totally unfounded reasons, and cited certain regulations that were and still are relevant to the performance of the Trustee’s duties when it’s about making a distribution. It should be emphasized that to date, no specific regulations have ever been referenced by the Trustee and no copies have been given to the beneficiaries. In response, the client had addressed these issues in two rounds of communications with the trustee, but despite this, the trustee continues to withhold payment.

By such a dramatic delay of the Trustee of the Bank, the latter has set a new anti-record in violation of its fundamental obligations and in flagrant violation of the rights of the client.

This attitude of Credit Suisse Group towards its clients is not new. Earlier it was mentioned that the Supreme Court of Bermuda issued the judgment which ordered a subsidiary of Credit Suisse to pay more than $500 million to its aggrieved customers. The Bermuda judgment found that CS Life (Bermuda) Ltd. breached its obligations, concealed fraud and mismanagement, failed to disclose documents and failed to take steps to recover losses. In addition, Credit Suisse is facing multiple regulatory investigations in various jurisdictions over compliance and risk failures. Following the judgment in Bermuda, the client pursues legal proceedings in Singapore this could ultimately result in more than $600 million in damages to be paid by Credit Suisse subsidiaries to beneficiaries.

In this case, the unhealthy and unprecedented chain of actions (or inactions) was “successfully” continued by its trustee in Guernsey, who had ignored the client’s request.

A spokesperson commented:

“It should be noted that Credit Suisse’s actions once again demonstrate its contempt for the client by flagrantly violating its rights and inflicting damage to its reputation. Such actions could be considered illegal. We must point out that by delaying one month in distributing the funds, the trustee has achieved an anti-record by not respecting the client’s requests and harming his interests.

We should no longer be surprised, given the context of the relationship between the parties, in particular the ongoing civil litigation in the jurisdictions against Credit Suisse. Despite this, we are surprised to see how the Bank’s subsidiaries act against the rights and interests of the client. It goes without saying that this type of behavior forces the client to consider all legal options and we expect a decision to be made within a week.

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CS Victims was created by representatives of some Credit Suisse clients.

They are victims of approximately $1 billion fraud committed by Bank staff for seven years. At least one Credit Suisse employee has been convicted of fraud, and FINMA has uncovered failures in Credit Suisse’s systems and controls that directly led to the commission of crimes.