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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group AG    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Delayed Quote. Delayed Swiss Exchange - 08/04 11:31:15 am
10.01 CHF   +0.22%
05:32aINFINEON TECHNOLOGIES AG : Credit Suisse remains a Sell rating
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05:08aHSBC HLDGS : Gets a Sell rating from Credit Suisse
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03:12aSOCIETE GENERALE : Credit Suisse sticks Neutral
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Credit Suisse : settles U.S. shareholder lawsuit over debt writedowns, disclosures

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07/10/2020 | 05:58pm EDT

(Adds Credit Suisse statement)

NEW YORK, July 10 (Reuters) - Credit Suisse Group AG agreed to pay $15.5 million to settle a lawsuit accusing it of defrauding shareholders about its risk appetite and management before taking $1 billion of writedowns on souring debt, court filings on Friday show.

The preliminary settlement of the proposed class action by holders of the Swiss bank's American depositary receipts from March 2015 to February 2016 requires approval by U.S. District Judge Lorna Schofield in Manhattan federal court.

Investors led by four pension and retirement plans in New York, Illinois and Alabama claimed they lost money after the bank misled them by touting its "comprehensive" risk controls and "binding" limits on its exposure to risky and illiquid debt.

Credit Suisse took two writedowns in early 2016 on $4.3 billion of collateralized loan obligations and distressed debt, contributing to its first full-year loss since the 2008 global financial crisis.

The bank denied wrongdoing and had argued it had no intent to defraud. Credit Suisse said it was pleased to reach a settlement resolving all claims, including claims against former chief executives Brady Dougan and Tidjane Thiam. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang and David Gregorio)

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Latest news on CREDIT SUISSE GROUP AG
05:32aINFINEON TECHNOLOGIES AG : Credit Suisse remains a Sell rating
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05:08aHSBC HLDGS : Gets a Sell rating from Credit Suisse
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03:12aSOCIETE GENERALE : Credit Suisse sticks Neutral
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02:35aSCHNEIDER ELECTRIC : Credit Suisse gives a Buy rating
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02:24aGENERALI SPA : Receives a Sell rating from Credit Suisse
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02:11aTELEFONICA SA : Credit Suisse reiterates its Neutral rating
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08/03SANOFI : Credit Suisse reaffirms its Buy rating
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08/03LOREAL : Credit Suisse maintains a Sell rating
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Financials
Sales 2020 21 750 M 23 738 M 23 738 M
Net income 2020 2 988 M 3 261 M 3 261 M
Net Debt 2020 - - -
P/E ratio 2020 7,75x
Yield 2020 2,82%
Capitalization 23 305 M 25 310 M 25 435 M
Capi. / Sales 2020 1,07x
Capi. / Sales 2021 1,09x
Nbr of Employees 48 800
Free-Float 95,2%
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Technical analysis trends CREDIT SUISSE GROUP AG
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 11,92 CHF
Last Close Price 9,99 CHF
Spread / Highest target 70,2%
Spread / Average Target 19,4%
Spread / Lowest Target -28,4%
EPS Revisions
Managers
NameTitle
Thomas Gottstein Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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