A U.S. judge on Wednesday dismissed three lawsuits accusing Credit Suisse Group ...
) of misleading investors about a complex product for betting on stock market swings, and causing huge losses when it lost 96% of its value in one harrowing day.
Torres adopted U.S. Magistrate Judge Sarah Netburn’s recommendation on Aug. 16 that the lawsuits be dismissed. Investors said the price of the notes sank that day to $4.22 from $108.37, a plunge exacerbated by Credit Suisse’s huge purchase of futures contracts -roughly a quarter of the entire VIX futures market - to benefit from the higher volatility.
Torres, however, found no reason to upset Netburn’s findings that Credit Suisse was simply taking advantage of market conditions, and was not trying to saddle investors with losses.
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