Reuters - C Suisse accused of withholding $300m in broker pay

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A new lawsuit accuses Credit Suisse of withholding up to $300 million of pay from U.S.-based brokers who refused or were unable to move to Wells Fargo after their private banking unit was shuttered in 2015.

Ruters reports that in a complaint filed on Wednesday, Christopher Laver said Credit Suisse cancelled deferred compensation owed to him and other brokers who did not join Wells Fargo under a “recruiting agreement” between the banks, by maintaining a “facade” that they had voluntarily resigned en masse.

Credit Suisse spokeswoman Karina Byrne the lawsuit had no merit and that it is “standard industry practice” for Wells Fargo and other brokerages to pay the deferred compensation at issue to new hires.

Hit the link below to access the complete Reuters article:

Credit Suisse kept $300 million from brokers in closed U.S. unit - lawsuit

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