Credit Suisse Reportedly Dumps Biglaw Firm Over A Lost Briefcase, Firewalls, And Conflicts – Retires from longtime outside counsel at Credit Suisse Allen & Overy. Apparently, Credit Suisse general counsel Romeo Cerruti has “personally” decided to limit the work he will do for A&O – despite reports that the bank will stop offering new work to the firm as negotiations continue. What do they produce?
According to tipsters and reports; There are a number of factors at play, with an A&O lawyer saying the loss of confidential Credit Suisse documents on a train in Finland was at least partly to do with the advisers’ ATL. These data breach issues (despite the alleged recovery of the briefcase) play a part in the strained relationship, but there is much more underground. This included A&O representation of failed financial firm Greensil Capital.
Credit Suisse Reportedly Dumps Biglaw Firm Over A Lost Briefcase, Firewalls, And Conflicts
Rolle reported on Friday that CS has removed its involvement with Greensil and that Cerutti is closely monitoring A&O representation of both Greensil and Credit Suisse:
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Credit Suisse ran a $10 billion investment fund in Greenseal, which sought to cover $2.3 billion owed to investors after the bank collapsed. The crisis in the Greens has left heads rolling at Credit Suisse and the $5.5 billion it lost when bank-backed US hedge fund Archigos collapsed. Swiss regulators have launched an investigation into their operations after two failures. Cerutti and his team are unhappy with A&O working on either side of the Greensil issue. A&O’s Credit Suisse and Greensil teams began uncovering problems with the company’s work, including a data leak through China’s Great Wall. and Fins. The train incident
Law.com reports that people had their opinions about the trip, with some calling it “harsh,” “unfair” and “at best” (not in a good way). Some called it “draconian,” and at least one general counsel called the move “outrageous.” :
As a result, The industry group’s GC deemed the decision to impose sanctions on A&O “hypocritical” because of the bank’s popular songs. He added: “Credit Suisse has had an amazing couple of years and it helps if we point elsewhere. It seems very hypocritical and Greensilk seems like a pot called kettle black.
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“There is nothing to lie about. Just because you have standards for running your offshore companies doesn’t mean you’re perfect,” [another GC] said. The GC welcomed the accountability of institutions and similar measures, saying: “Accountability is refreshing and important. In my view, it is still not enough.”
After using a Credit Suisse company for several years, it can be difficult to withdraw from A&O. Industry group GC said it may be easier for Credit Suisse to retain A&O as an adviser because the bank has more “experience and knowledge”. The GC added that this type of relationship with existing legal entities is “very difficult to loosen” and expensive. “If it costs you a lot of money to go to another firm, that’s hard to do. It can lead to a difficult conversation with your CFO. Credit Suisse “can manage without A&O,” said a senior finance partner in London. “,” How quickly Credit Suisse can acquire the same corporate memory [that other [firms] can have is the big question.
Credit Suisse’s A&O business is said to be in the £25m a year range; So change for lost funding (and remember the controversy).
Kathryn Rubino is a senior editor at Above the Law, host of the Jabot Podcast, and producer of Thinking Like a Lawyer. AtL tipsters are great so contact him! recommendations; Email her with questions or comments and follow her on Twitter (@Kathryn1). A major leak from Credit Suisse, one of the world’s largest private banks, has revealed torture, The client’s hidden wealth, which included drug trafficking and more, was exposed. money laundering; corruption and other serious offences.
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Account details linked to 30,000 Credit Suisse customers worldwide have been leaked, revealing the beneficiaries of 100 billion Swiss francs (£80 billion)* held by one of Switzerland’s leading financial institutions.
The leaks point to a widespread failure of Credit Suisse’s due diligence, despite decades of repeated promises to crack down on suspicious clients and illegal funds. The Guardian is part of a consortium of media organizations that have been given exclusive access to the data.
We can describe how Credit Suisse repeatedly opens or maintains bank accounts for incredibly high-risk clients around the world.
Suisse Secrets is a global journalistic investigation into the data leak at the Swiss bank Credit Suisse. This includes 18,000 bank accounts leaked to Süddeutsche Zeitungby. The microdata of the bank’s 1.5 million private banking users is linked to more than 30,000 Credit Suisse clients. privacy in leaks; Shared and corporate bank accounts included – an average of 7.5 million Swiss francs (CHF). About 200 accounts in the data are worth more than CHF 100m, and more than ten are worth billions. The data have been open since the 1940s, and two-thirds have been open since 2000. Many of them opened half a decade ago and are still open today.
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The Guardian, Le Monde; NDR One of more than 48 media partners worldwide, including reporters from the Miami Herald and the New York Times. The project, a collaboration between Süddeutsche Zeitung and the Organized Crime and Corruption Reporting Project (OCCRP), used months of data to investigate the bank. extortion, drug dealing money laundering Credit Suisse accounts were found to have been used by clients in cases of corruption and other serious crimes, indicating the bank’s widespread failure. It is illegal to hold a Swiss account and the breach contained data of legitimate customers who acted impeccably. In their response, Credit Suisse said it “rejects the allegations and speculation regarding the bank’s alleged business practices.”
They include a human trafficker in the Philippines; Hong Kong stock market manager sentenced to prison for bribery; They include a billionaire who ordered the killing of his Lebanese music star lover and executives who looted a Venezuelan oil company, as well as corrupt politicians from Egypt to Ukraine.
One of the Vatican’s accounts was used to reveal €350m (£290m) spent on alleged fraudulent investments in London property at the center of a criminal investigation into several defendants, including a cardinal.
An unnamed reporter from the German newspaper Süddeutsche Zeitung leaked several bank details. “I believe Swiss bank secrecy laws were mishandled,” the source said in a statement. “The excuse to protect financial privacy is just a fig leaf covering the shameful role of Swiss banks as accomplices of tax evaders.”
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The revelations may raise questions about whether Credit Suisse’s challenges over the past few years signal a deeper depression at the bank. Compilation: Guardian/David Levin
Credit Suisse said Switzerland’s strict bank secrecy laws prevent it from commenting on claims about individual customers.
“Credit Suisse rejects the allegations and conclusions about the bank’s business practices,” the bank said in a statement, declaring that the news published by journalists led to an interpretation of the bank’s operations based on information sourced from outside sources. “
In some cases, the bank said the allegations were often true; “While the rules, practices and expectations of financial institutions are very different from today.”
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Some of the accounts in the database have been open since the 1940s, but two-thirds have been open since 2000. Many of them opened half a decade ago and are still open today.
The timing of the leaks couldn’t have been worse for Credit Suisse, which has been plagued by recent scandals. Last month, it lost its president, Antonio Horta-Osorio, after violating Covid-19 regulations twice.
The bank was involved in the collapse of investment firm Greensil Capital and US hedge fund Archigos Capital and was fined £350m for its role in a loan scandal in Mozambique.
This month, Credit Suisse has become the first Swiss bank to face criminal charges for refusing to launder cocaine-trafficking money on behalf of the Bulgarian mafia.
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However, the consequences of the leak could be far wider than one bank, threatening a crisis in Switzerland, which maintains a bank.