JPML Won't Centralize Credit Suisse Inverse VIX Suits In NY

Law360 (August 1, 2018, 9:13 PM EDT) -- The Judicial Panel on Multidistrict Litigation on Wednesday denied a bid from Credit Suisse to centralize four putative class actions the bank is facing from investors in its short-term notes inversely related to the stock market's volatility index, saying there aren't enough involved parties or lawsuits to warrant centralization.

Credit Suisse had asked that three investor lawsuits in the Southern District of New York and one in the Northern District of Alabama, each of which alleges the bank misrepresented the value of the short-term notes during a critical time of steep price drops and substantial investor losses, be centralized in the...

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