{"id":6045,"date":"2016-10-05T19:36:09","date_gmt":"2016-10-06T00:36:09","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1110"},"modified":"2022-03-22T14:29:26","modified_gmt":"2022-03-22T19:29:26","slug":"credit-suisse-settles-90m-allegations-misrepresented-performance-metric","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-settles-90m-allegations-misrepresented-performance-metric\/","title":{"rendered":"Credit Suisse Settles for $90M Allegations that It Misrepresented Performance Metric"},"content":{"rendered":"

\t\t\t\tCredit Suisse Group AG (CS) has admitted wrongdoing and will pay a penalty of $90 M to the SEC settle civil claims accusing the firm of misrepresenting how much it brought into its wealth management business.<\/p>\n

According to the regulator\u2019s probe, Credit Suisse strayed from its methodology for figuring out NNA (net new assets), which it disclosed to the public. This is the metric that investors value to gauge a financial institution’s success in bringing in new business.<\/p>\n

Although disclosures said that the bank was assessing assets individually according to each client\u2019s goals and intentions, Credit Suisse would occasionally employ an undisclosed approach that was \u201cresults-driven\u201d to determine NNA \u00a0to satisfy specific targets that senior management had set. SEC Enforcement Division Director Andrew J. Ceresney said that the bank\u2019s failure to reveal that it was employing a results-driven approach prevented investors from having the chance to properly judge Credit Suisse\u2019 success in drawing in new money.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Credit Suisse Group AG (CS) has admitted wrongdoing and will pay a penalty of $90 M to the SEC settle civil claims accusing the firm of misrepresenting how much it brought into its wealth management business. According to the regulator\u2019s probe, Credit Suisse strayed from its methodology for figuring out NNA (net new assets), which […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3817,3760,3761],"tags":[3678,3679],"class_list":["post-6045","post","type-post","status-publish","format-standard","hentry","category-credit-suisse","category-sec-enforcement","category-securities-and-exchange-commis","tag-net-new-assets","tag-nna"],"yoast_head":"\nCredit Suisse Settles for $90M Allegations that It Misrepresented Performance Metric — Investor Lawyers Blog — October 5, 2016<\/title>\n<meta name=\"description\" content=\"Credit Suisse Group AG (CS) has admitted wrongdoing and will pay a penalty of $90 M to the SEC settle civil claims accusing the firm of misrepresenting — October 5, 2016\" \/>\n<meta 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