Earlier this year, three of the largest banks failed in a sequence of events that was dubbed the Banking Crisis of 2023. With the passage of time, fears that the three failures could foreshadow further failures and deeper woes seemingly subsided, though a wave of banking institution downgrades in August 2023 briefly rekindled concerns. More recently, things have been quiet. Does that mean it is time to sound the all-clear signal? Perhaps, but there are signs out there suggesting continued vigilance may be in order.Continue Reading Checking in on the 2023 Banking Crisis
banking sector turmoil
Now It’s Credit Suisse’s Turn: Swiss Bank Hit with Securities Suit
Earlier this week, securities class action lawsuits were filed against the recently failed U.S. banks, Silicon Valley Bank and Signature Bank. The turmoil that surrounded those banks’ failure sent ripples into the global banking industry; one of the institutions particularly affected by the ensuing turbulence was the European banking giant, Credit Suisse. After a series of events at the bank earlier this week (described below), the company’s share price tanked, the Swiss banking regulator extended the bank a financial lifeline – and the bank was hit with a securities class action lawsuit, the third this week involving a bank caught up in the sudden wave of banking industry disorder. The new lawsuit filed on March 16, 2023, against Credit Suisse can be found here.Continue Reading Now It’s Credit Suisse’s Turn: Swiss Bank Hit with Securities Suit