Credit Suisse Offices Raided in Insider Trading ProbeNicholas Comfort and Karin Matussek
Credit Suisse Group AG’s offices in Frankfurt were raided last month as part of an insider trading probe, according to German prosecutors.
While Credit Suisse’s offices were among the places searched, neither the bank nor its board members are targets of the probe, Claudia Krauth, a spokeswoman for prosecutors in Stuttgart, Germany, said by telephone today. A Frankfurt-based spokeswoman for Zurich-based Credit Suisse declined to comment.
The case was prompted by German financial regulator Bafin, which asked prosecutors to investigate after analysts found indications improper trading may have taken place. Prosecutors raided 50 homes and offices in eight German states and Switzerland, Krauth said last month.
Stuttgart officials had looked into some of the people in 2008. The case was dropped because the evidence didn’t support the allegations.
Credit Suisse is Switzerland’s biggest bank after UBS AG.