The class action lawsuit filed accuses Credit Suisse of deceiving investors by failing to disclose that it suffered from «significant» customer outflows and had material weaknesses in its internal controls over financial reporting.

The lawsuit appears to be the first filed by US investors in connection with Credit Suisse's recent problems, «Reuters» reported. Credit Suisse declined to comment on the lawsuit, which was filed in a federal court in New Jersey. Other defendants include CEO Ulrich Koerner and Chairman Axel Lehmann.

Braden Turner, the plaintiff of record, is filing the suit on behalf of holders of Credit Suisse American Depositary Shares. The law firm representing Turner was also the first to file shareholder lawsuits against Silicon Valley Bank's parent company, SVB Financial Group, and Signature Bank, according to Reuters.

Other Lawsuits

Separately, at least five other class action lawsuits have been initiated against Credit Suisse on comments made in an interview by Lehmann that client outflows have stopped at the bank.

His statements came under review by the Swiss Financial Market Supervisory Authority (Finma), which on March 10 issued a statement that it didn't see sufficient grounds to open supervisory proceedings in the case.