Credit Suisse Helped Customers Invested In Lehman Brothers Funds

Credit Suisse accomplished buyback of several Lehman Brothers funds from clients for nearly 100 million Swiss francs ($88 million dollars). Credit Suisse presented the way out for its customers who invested in Lehman products. The buyback offer was only aimed

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Credit Suisse accomplished buyback of several Lehman Brothers funds from clients for nearly 100 million Swiss francs ($88 million dollars).

Credit Suisse presented the way out for its customers who invested in Lehman products. The buyback offer was only aimed at “capital-protected” Lehman products Credit Suisse sold to those with less than CHF500,000 at the bank and 50% or more of those assets invested in such products.

The buyback was made at the nominal price of the collapsed funds. The number of customers affected in the offer wasn’t disclosed. The bank said overall 0.3% of its clientele had funds invested with the now bankrupt U.S. bank.

“We made an offer to about 2,000 clients and bought back Lehman products for nearly CHF100 million,” says Walter Berchtold, head of private banking, Credit Suisse. “Only 11 clients turned down this offer.”

L.D.

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