Credit Suisse, Morgan Stanley Tied to Gerson Lehrman, WSJ sAYS
Credit Suisse and Morgan Stanley formed agreements with a so-called expert network firm, Gerson Lehrman Group, meaning they have a vested interest in the outcome of a big insider trading probe currently under way, the Wall Street Journal reported, citing people familiar with the matter.
Credit Suisse was recently served with a subpoena seeking information and documents tied to its use of Gerson Lehrman experts, a relationship which gives banks access to the expert- network firm’s ranks of advisers sand experts, the newspaper said. Credit Suisse and Morgan Stanley signed agreements with Gerson Lehrman in 2008; neither would comment, the WSJ said.
The Federal Bureau of Investigation questioned a Gerson Lehrman consultant in August as part of its probe into insider trading, the Jourtnal reported, citing people familiar with the matter.
A number of Wall Street firms are now reviewing their links to expert networks, and have cut back their use of them, the Journal said, citing the people with knowledge of the subject.
To contact the editor responsible for this story: Chris Peterson at cpeterson@bloomberg.net
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