UBS Must Defend Credit Suisse Investor Suit, While PwC Exits

Credit Suisse Group AG investors may proceed with securities fraud claims against the bank over statements before its merger into UBS Group AG, but failed to state claims against its auditor PricewaterhouseCoopers AG, a federal court ruled.

The investors can sue over a narrower range of statements than they targeted in their complaint, Judge Colleen McMahon said in an opinion docketed Sept. 20 in the US District Court for the Southern District of New York. The surviving allegations center on Credit Suisse filings and statements made “during the last six months before the Bank imploded,” McMahon said.

Three ...