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Credit Suisse Pressed by Senator on $200 Million Tax Fraud This content was published on April 27, 2021 - 15:43 April 27, 2021 - 15:43 (Bloomberg) Credit Suisse Group AG, already under pressure for losing $5.5 billion in the collapse of Archegos Capital Management, must now answer questions from a powerful U.S. senator about a seven-year-old tax evasion scandal. Senate Finance Committee Chairman Ron Wyden wrote Tuesday to Credit Suisse and the Justice Department, asking their leaders to explain how the lender’s banking unit could have pleaded guilty in May 2014 to enabling U.S. tax evasion but failed to disclose more than $200 million in accounts held by an American. ....
A $6 Trillion Family Office World Fights Post-Archegos Crackdown The changes reform advocates seek would require U.S. family offices to register as investment advisors and publicly report holdings on a quarterly basis. Joe Light and Ben Stupples | Apr 22, 2021 (Bloomberg) The implosion of Archegos is giving thousands of secretive family offices the greatest challenge to their privacy in a decade. They won’t give it up without a fight. Some lawmakers, regulators and consumer advocates are pushing to expose the inner workings of family offices, which are closely held and lightly regulated yet manage an estimated $6 trillion for the ultra-rich globally. ....
(Bloomberg) Credit Suisse Group AG was sued by a small pension fund that alleges the bank misled investors and let “high-risk clients” including Greensill Capital and Archegos Capital Management take on too much leverage, in one of the first lawsuits since the twin debacles. The Michigan pension fund, City of St. Clair Shores Police & Fire Retirement System, filed the suit on Friday in federal court in Manhattan, seeking to represent all shareholders who bought Credit Suisse American depositary receipts between Oct. 29 and March 31. The fund alleges that the bank “concealed material defects in the company’s risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage,” exposing the bank to “billions of dollars in losses.” A representative of Credit Suisse declined to comment on the lawsuit. Greensill was left fighting for survival last month as investors cut ties over worries about the creditworthin ....