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Credit Suisse sued over U.S. 'volatility' product losses

Reuters  |  NEW YORK 

By Trevor HunnicuttNEW YORK (Reuters) - An investor sued Credit Suisse on Wednesday, alleging that misstatements about a complex product betting on stock market swings led to losses for people who bought in at inflated prices.A popular product offered by the bank and linked to expectations of future price swings, or volatility, in the S&P 500 stock index sank by more than 90 percent within hours last month following a market selloff.Credit Suisse later took the product - once worth $1.6 billion and known as the VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note (ETN) - off the ...

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First Published: Thu, March 15 2018. 06:39 IST
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