Credit Suisse Off Hook For PE Firm's $12M New Century Deal

Law360, New York (October 23, 2013, 6:04 PM ET) -- Credit Suisse AG's broker-dealer affiliate isn't responsible for the $12 million that private equity firm Pharos Capital Partners LP invested in securities of doomed health care finance provider New Century Financial Enterprises Inc., a Sixth Circuit panel ruled Wednesday.

Pharos was a sophisticated investor that hadn't been able to show that there was any information it couldn't have uncovered to tip it off about National Century's problems, and it had even signed an agreement averring that it wasn't relying on any statement by broker-dealer Credit Suisse...
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