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Credit Suisse Securities (USA) LLC

Credit Suisse X-Links and Velocity Shares Exchange Traded Notes (ETNs)

Credit Suisse Securities (USA) LLC, (“Credit Suisse”) is a member firm of the Financial Industry Regulatory Authority (FINRA) and markets Credit Suisse X-Links and Velocity Shares Exchange Traded Note (“ETNs”), issued by wholly owned banks of Credit Suisse AG and Credit Suisse Group (NYSE: CS), through agents, underwriters, dealers or directly to investors. Credit Suisse X-Links and Velocity Shares ETNs were recommended by Credit Suisse and major Wall Street brokerage firms to their customers as a stable source of income. Investors did not fully understand the risks associated with Credit Suisse X-Links and Velocity Shares ETNs. Brokerage firms, including Credit Suisse are responsible for providing a fair and balance representation of the risks associated with these investments. Most investors did not understand that the interest credited to their account was far more complex than a simple interest rate when it is based on a volatile security, commodity, index or currency. Credit Suisse X-Links and Velocity Shares ETNs that tracked Oil Prices, Energy Pipelines, Commodity Baskets and Emerging Markets resulted in significant losses.

How Do Credit Suisse X-Links and Velocity Shares Exchange Traded Notes (ETNs)?

Credit Suisse manages its proprietary ETNs, X-Links and Velocity Shares to generate greater returns through the use of embedded derivatives designed to track the performance of a volatile security, index, commodity or currency, many times without any principal protections. Brokerage firms and its financial advisors solicit investments based on these potentially greater returns without properly disclosing the risks associated with Credit Suisse X-Links and Velocity Shares ETNs. Credit Suisse provides incentives to its financial advisors for the sale of proprietary products, such as Credit Suisse X-Links and Velocity Shares ETNs issued by affiliated banks. Credit Suisse X-Links and Velocity Shares ETNs have substantial fees and/or commissions paid to affiliated companies for banking, underwriting and asset management. Credit Suisse and major Wall Street brokerage firms may have failed to properly explain the risks associated with Credit Suisse X-Links and Velocity Shares ETNs whose performance and interest crediting is tied specific security, commodity, index or currency, sometimes inversely and leverage up to 300%.

Credit Suisse underwrites, manages and markets billions of dollars in Credit Suisse X-Links and Velocity Shares ETNs including the following:

  • Credit Suisse S&P MLP ETN (NYSE Arca: MLPO)
  • Credit Suisse X-Links Commodity Benchmark ETN (NYSE Arca: CSCB)
  • Credit Suisse X-Links Commodity Rotation ETN (NYSE Arca: CSCR)
  • Credit Suisse X-Links Cushing MLP Infrastructure ETN (NYSE Arca: MLPN)
  • Credit Suisse Velocity Shares 3X Long Crude ETN (NYSE Arca: UWTI)
  • Credit Suisse Velocity Shares 3X Natural Gas ETN (NYSE Arca: VGAZ)

Brokerage firms, including Credit Suisse may have failed to properly explain the risks associated with Credit Suisse X-Links and Velocity Shares ETNs whose performance and interest crediting is tied specific security, commodity, index or currency. Did you invest in Credit Suisse X-Links and Velocity Shares ETNs designed to track the Price of Oil, MLP Pipelines, Commodities Baskets, perhaps leveraged up to 300%?

KlaymanToskes has represented investors in Financial Industry Regulatory Authority (FINRA) claims against major Wall Street brokerage firms with claims for FINRA sales practice violations related to the sales of structured securities products, such as Credit Suisse X-Links and Velocity Shares ETNs. Our clients’ claims for damages relate to FINRA sales practice violations of misrepresentations and omissions of material facts, conflicts of interest, unsuitable investment advice, securities concentration and failure to supervise. Visit our FAQs to learn more about our process and get answers to frequently asked questions.

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