Cahill Wins Conditional Dismissal of Credit Suisse RICO Class Action Suit
Date: 02/15/24
Cahill has successfully defended client Credit Suisse, securing the conditional dismissal of a class action RICO litigation brought against Credit Suisse, KPMG, and dozens of individual officers and directors that were accused of violating both Swiss and U.S. law, with defendants alleged to have engaged in federal Racketeer Influenced and Corrupt Organizations Act violations in connection with Credit Suisse’s merger with Swiss bank UBS.
U.S. District Judge Colleen McMahon conditionally dismissed the lawsuit against the bank, after New York State Supreme Court Justice Andrea Masley threw out similar claims in a derivative lawsuit against the bank in April 2023. Judge McMahon cited in her 92-page opinion, “In a patent and blatant effort to circumvent that ruling, plaintiffs — different individuals than who had sued in state court, but members of the same class who are represented by the same lawyers — have brought these actions, alleging strikingly similar violations of Swiss law against largely the same defendants."
The win earned the Cahill team recognition in The American Lawyer’s Litigators of the Week column, which included partners Herb Washer, Tammy Roy, Edward Moss, and Jason Hall, and associates Britney Foerter and Philip McAndrews.