GLOBAL MARKETS: Credit Suisse hit by US lawsuit
Credit Suisse hit by US lawsuit
Credit Suisse faces a US class-action lawsuit over US$1bn in writedowns it took in 2015 and 2016 linked to its trading division, Swiss newspaper SonntagsZeitung reported.
But the bank says the case is "without merit". Starting in 2015, new Credit Suisse CEO Tidjane Thiam and finance chief David Mathers were caught off guard by the scale of their trading division’s illiquid trades. They were forced to write down their value.
Alibaba signs Disney deal
Alibaba Group Holding’s entertainment arm has signed a licensing agreement with Walt Disney Co that will provide the Chinese group’s Youku video streaming platform with the biggest Disney animation collection in China. Under the multiyear deal, signed between Alibaba Digital Media & Entertainment Group and Disney subsidiary Buena Vista International, more than 1,000 Disney episodes will be released on Alibaba platforms. The deal comes as Disney has faced obstacles in getting digital TV content into China.