Credit Suisse Sued For Alleged ARS Fraud

Law360, New York (August 07, 2008, 12:00 AM ET) -- Swiss semiconductor company STMicroelectronics NV has hit Credit Suisse Group with a lawsuit alleging the financial firm's brokers fraudulently invested $450 million of the company's funds into unauthorized auction rate securities as part of a multibillion-dollar scheme involving more than a dozen of its customers.

In a complaint filed Wednesday in the U.S. District Court for the Eastern District of New York, STM alleges Credit Suisse Securities LLC, a wholly owned subsidiary of Credit Suisse Group, illegally invested company funds in risky auction rate securities although...
To view the full article, take a free trial now.

Already a subscriber? Click here to login

You must correct or enter the following before you can submit this form:

All fields required

  5. Required

Only Law360 gives you:

Non-stop coverage of high-stakes litigation across 30 practices

Real-time tracking and reports on 10,000+ companies, firms and industries

Over 80,000 attorney profiles with neutral data collected from active lawsuits

Research tools to find cases, court documents, attorneys and companies

Customized feeds and alerts that can easily be shared with colleagues

In-depth expert analysis from high-profile attorneys at top firms

Access to our vault with over 75,000 original articles