Swiss watchdog says several banks involved in hedge-fund case

Swiss financial watchdog FINMA said on Monday it has been informed by Credit Suisse about its involvement in an international hedge-fund case involving several banks.

“FINMA is aware of this international hedge-fund-case, (several banks and locations internationally are involved),” the authority said. “FINMA was informed by the bank and is in contact with it.”

Credit Suisse warned on Monday it was facing “highly significant and material” losses to its first-quarter results after the fund, named by sources as Archegos Capital, defaulted on margin calls.