On February 19, 2019, Saxena White secured a major victory with an important decision issued by the Southern District of New York Court in City of Birmingham Retirement and Relief System et al. v. Credit Suisse Group AG et al. No. 1:17-cv-10014. In her order, Judge Lorna G. Schofield denied Defendants’ motion to dismiss.

The Court found that the complaint “sufficiently pleads that [Credit Suisse’s] statements regarding its ‘binding’ risk limits were materially misleading in light of the Complaint’s allegations that [Credit Suisse] routinely revised its limits.” The Court determined that “Defendants’ failure to disclose that it could raise, and in fact was repeatedly raising risk limits with respect to [Credit Suisse’s] illiquid investments constitutes a material omission.”

The case is now in the discovery phase.