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The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, announces that it is continuing its investigation into allegations that Credit Suisse Group AG (“Credit Suisse”) withheld up to $300 million of deferred compensation from its U.S.-based brokers. The investigation follows the dismissal of the Federal Class Action Claim (No.18-00828) filed in the United States District Court for the Northern District of California on February 7, 2018.
The Federal Class Action Claim Against Credit Suisse
The federal class action claim alleged that Credit Suisse withheld up to $300 million of pay from U.S.-based brokers who refused or were unable to move to Wells Fargo & Co (“Wells Fargo”) after Credit Suisse’s private banking unit closed in 2015. According to the complaint, Credit Suisse canceled deferred compensation owed to brokers who did not join Wells Fargo under a “recruiting agreement” between the banks. Pursuant to the agreement, the complaint continued, Credit Suisse falsely maintained that the financial advisors that did not move to Wells Fargo had voluntarily resigned and therefore were not entitled to a portion of their annual income.
FINRA Arbitration Claims Against Credit Suisse
As the federal class action claim was dismissed, aggrieved brokers seeking recompense for withheld compensation have no option other than filing a FINRA arbitration claim against Credit Suisse. Multiple Credit Suisse brokers have already won awards after filing individual arbitration claims.
The sole purpose of this release is to investigate the alleged misconduct of Credit Suisse in withholding deferred compensation from its brokers. Credit Suisse brokers who have had their compensation withheld or have information relevant to this investigation are encouraged to contact Lawrence L. Klayman, Esq. of KlaymanToskes at (888) 997-9956, or visit our website at www.klaymantoskes.com.