Credit Suisse Attacks Class Action Over $340M Trade Loss

Law360, New York (November 27, 2012, 6:56 PM EST) -- Credit Suisse AG demanded Monday that a New York federal court throw out a class action accusing the bank of understating the risks of an exchange-traded note it issued that led to $340 million in rapid losses earlier this year.

In its motion to dismiss, the financial services giant tried to refute investors' claims, stressing that it had provided explicit warnings of the inherent risks in the security's offering documents, particularly explaining that it was not designed for long-term investment.

Gregory S. Nespole, a partner at...
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