September 30, 2014 10:43 AM ET

Capital Markets

Company Overview of Credit Suisse Securities (USA) LLC

Company Overview

Credit Suisse Securities (USA) LLC operates as an investment bank in the United States. Its businesses include securities underwriting, sales and trading, investment banking, private equity, alternative assets, financial advisory services, investment research, and asset management. The company offers services in investment banking, capital markets, and financial services segments for institutional, corporate, government, and high net worth clients. Credit Suisse Securities (USA) LLC was formerly known as Credit Suisse First Boston Corporation. The company was formed in 1997 and is based in New York City. Credit Suisse Securities (USA) LLC operates as a subsidiary of Credit Suisse (USA), Inc.

Eleven Madison Avenue

New York, NY 10010

United States

Founded in 1997

Phone:

212-325-2000

Key Executives for Credit Suisse Securities (USA) LLC

Managing Director
Age: 48
Head of San Francisco and Managing Director of Private Banking USA business
Co-Head of Private Banking USA
Head of U S Branch and Head of North & South America
Head of New York Branch and Managing Director of Private Banking USA business
Compensation as of Fiscal Year 2014.

Credit Suisse Securities (USA) LLC Key Developments

Virginia Files Lawsuit against Barclays Capital Inc., Citigroup Global Markets Inc., Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities, Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, WAMU Capital Corp., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Inc

Virginia has filed a lawsuit seeking $1.15 billion in damages against 13 banks accused of misleading the Virginia Retirement System. The case stems from the sale of residential mortgage-backed securities to VRS from 2004 to 2010. The retirement system was forced to sell most of the securities, taking a loss of $383 million. The VRS was entitled to accurate information about the underlying mortgages when making decisions on how to invest taxpayer money and contributions by employees. Instead, these large banks purposefully included high-risk mortgages in securities and fraudulently misrepresented the quality of those loans to rating agencies and large investors like VRS. The case is the financial fraud action brought by the commonwealth and is the case ever brought under the Virginia Fraud Against Taxpayers Act. The banks named in the suit are: Barclays Capital Inc., Citigroup Global Markets Inc., Countrywide Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., RBS Securities Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, WAMU Capital Corp., J.P. Morgan Securities LLC (and as current owner of Bear, Stearns & Co.), and Merrill Lynch, Pierce, Fenner & Smith Inc. (and as current owner of Banc of America Securities LLC). The attorney generals office says that the banks offered the securities to VRS as stable, solid investments, but an analysis showed that nearly 40% of the 785,000 mortgages backing 220 securities purchased by the retirement system had a significantly higher risk for default. The suit charges that these banks knew, or should have known, that claims they made about the quality of the mortgages were false. The attorney generals office said a whistleblower, Integra REC LLC, discovered the fraud using sophisticated methods to match the securities purchased by VRS with the mortgages and properties they contained. The case is being handled by the civil litigation division of the attorney generals office.

Berman DeValerio Announces $340 Million Settlement of IndyMac MBS Class Action

The law firm of Berman DeValerio announced a $340 million proposed settlement of class-action claims against six underwriters of IndyMac mortgage-backed securities. The application to provide notice of the proposed settlement to class members, filed in a New York federal court, would result in the one of the large federal class-action recoveries for investors in mortgage-backed securities (MBS). Berman DeValerio represents the lead plaintiffs in the matter, the Wyoming State Treasurer's Office and the Wyoming Retirement System. If approved by the Court, the settlement would resolve claims that the offering materials for 50 MBS offerings issued by now-defunct IndyMac Bank contained untrue statements because they mischaracterized the underwriting practices used to originate and acquire the underlying loans. The underwriter defendants in the case are Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. (in its own right and as successor-in-interest to Bear Stearns & Co. Inc.), RBS Securities Inc., Morgan Stanley & Co. Inc. and UBS Securities LLC. The class action settlement must be approved by U.S. District Judge Lewis A. Kaplan, who is overseeing the case. The agreement, if approved, will bring the total value of IndyMac MBS settlements to $346 million. A $6 million partial settlement with former officers and directors of IndyMac was approved in December 2012. The case is In re IndyMac Mortgage-Backed Securities Litigation, Master Docket No. 09 Civ. 04583 (LAK) (S.D.N.Y.).

Fidelity and Credit Suisse Sign Agreement to Offer Investors and Advisors Greater Access to IPOs

Fidelity Investments and Credit Suisse Securities (USA) LLC announced an agreement that provides Fidelity's brokerage clients the opportunity to participate in initial public offerings (IPOs) and follow-on equity offerings underwritten by Credit Suisse. The agreement expands Credit Suisse's potential investor base to Fidelity's millions of retail brokerage customers, as well as investors who work with advisors through Fidelity's registered investment advisor (RIA), correspondent broker/dealer and family office clients.

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