March 14, 2018 / 10:06 PM / 9 months ago

BRIEF-Credit Suisse is sued in U.S. over investor losses from inverse VIX ETNs

March 14 (Reuters) - Credit suisse is sued over losses related to credit suisse velocityshares daily inverse vix short term exchange traded notes — u.s. Court filing Lawsuit against credit suisse, ceo tidjane thiam and cfo david mathers is filed in u.s. District court in manhattan — court filing Lawsuit seeks class action status for investors who bought the etns between january 29 and february 5, 2018 Lawsuit accuses defendants of making false or misleading statements about the etns, causing investors to buy them at inflated prices Lawsuit accuses credit suisse of manipulating the etns by liquidating its holdings in various financial products to avoid a loss Lawsuit says the etn’s price fell by nearly 90 percent in less than three hours after the close of regular market trading on february 5 Lawsuit seeks unspecified damages for defendants’ alleged fraud

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