Credit Suisse 21

Settlement of City of St. Clair Shores Police and Fire Retirement System v. Credit Suisse Group AG, et al., Case No. 1:21-cv-03385-NRB

The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of New York.  The settlement provides for the payment of $32,500,000 for the benefit of eligible Class Members.  Lead Plaintiff Sheet Metal Workers Pension Plan of Northern California alleged violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and alleged that during the period between October 29, 2020 and March 31, 2021, inclusive, Defendants made false and misleading statements and omissions pertaining to Credit Suisse Group AG’s (“Credit Suisse” or the “Company”) focus on risk management, the adequacy of Credit Suisse’s internal risk controls, and the implementation and effectiveness of new risk controls implemented in the wake of Credit Suisse’s alleged previous risk management failures.

The Class consists of all persons who purchased or otherwise acquired Credit Suisse ADRs between October 29, 2020 and March 31, 2021, inclusive.  Excluded from the Class are Defendants and members of their immediate families, the officers and directors of the Company at all relevant times and members of their immediate families, the legal representatives, heirs, successors or assigns of any of the foregoing, and any entity in which Defendants have or had a controlling interest.  Also excluded from the Class are any persons and entities who are found by the Court to have timely and validly requested exclusion.

The settlement was approved by the Court on May 11, 2023.

If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.


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