Credit Suisse has said it will reimburse a small number of its private clients affected by losses on Lehman-issued structured products.
In a change of policy from its position immediately after the 15 September Lehman Brothers collapse, Credit Suisse has said it will reimburse a small number of its private clients affected by losses on Lehman-issued structured products.
According to reports in the Swiss press, the bank will compensate small account holders, with SwFr 500,000 or less with the bank as of 31 August, of which more than half must have been invested in Lehman-issued capital guaranteed products.
The exact conditions have yet to be determined, and “each case will be examined individually” according to private client regional head Robert Martin, who indicated that the process could take some time, and that there was the possibility that other “extreme cases” could also be due compensation.
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The bank stressed that the move was a goodwill gesture, since responsibility for losses incurred on structured products by the failure of the originating bank lies with the client. Details regarding the number of clients likely to be affected, or the cost of the exercise, remained unclear.
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