April 4, 2018 / 8:28 PM / 6 months ago

Credit Suisse moves to arbitrate advisers' lawsuit over pay

Credit Suisse Securities USA has asked a federal court in Manhattan to force arbitration of a proposed class action filed in California by financial advisers who say the firm owes them up to $300 million in deferred pay.

Filed in February in San Francisco federal court by former adviser Christopher Laver, the lawsuit said Credit Suisse improperly retained deferred compensation owed to hundreds of advisers after shutting down its advisory business in 2015. The pay is owed unless advisers resign or are terminated, his lawsuit said.

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