HOW TO SERVE LEGAL PAPERS ON CREDIT SUISSE

Credit Suisse

Undisputed Legal | Albany New York Process Service

Credit Suisse Group AG is a multinational investment bank with bases in Switzerland and over two thousand locations throughout the world. It has headquarters in Zurich and is one of the nine worldwide Bulge Bracket’ banks offering services for investment banks, private banking, asset management, and shared services in all major financial cities across the globe, being recognized by the  Financial Stability Board as a systemically important bank. Credit Suisse is recognized for having very stringent privacy measures, which include customer and bank secrecy. 

HISTORY OF CREDIT SUISSE

Credit Suisse was established in 1856 to help Switzerland build its railroad network. It helped build Switzerland’s electricity grid and the European train infrastructure with the loans it provided. In 1978, Credit Suisse began working with First Boston. The firm acquired several firms between 1990 and 2000, including Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu, expanding its market dominance via these acquisitions

The business went through several reorganizations in 2002, 2004, and 2006. During the Great Recession, it was among the less-affected banks, but after doing a few rounds of layoffs and reducing expenses, the bank started to exit the investment sector. 

HOW IS CREDIT SUISSE STRUCTURED

Credit Suisse Group AG, which is incorporated in Zürich and functions as a holding company, is structured as a joint-stock corporation. It has banking and other financial services interests, such as Credit Suisse and many other institutions. Credit Suisse’s board, shareholders, and independent auditors control the bank. Shareholders, who have a significant interest in the business, are required to drive the annual shareholders’ meeting, whereas the board is responsible conduct it. The company’s shareholders, who elect auditors for one-year periods and give them the authority to approve the annual report and other financial accounts, have additional legal authorities given to them. Shareholders nominate and elect board members for three-year terms, while the Board of Directors meets six times a year to vote on corporate issues.  The Board has responsibility for deciding Credit Suisse’s business strategy, although they may rely on the pay committee for assistance in setting the compensation guidelines. It has the ability to additionally form committees that are assigned the responsibility for management tasks.

Credit Suisse has two business groups: [A.] Wealth Management and [B.]  Investment Banking, with Private Banking as a tertiary group. A shared services department is responsible for ensuring all business units have access to the essential support functions including risk management, legal, IT, and marketing. Credit Suisse Private Banking includes corporate and institutional operations in addition to wealth management. The Investment Banking department of Credit Suisse provides services that include securities, investment research, trading, prime brokerage, and capital procurement. Credit Suisse Asset Management offers an array of financial products including stocks, fixed income products, real estate, and alternative investments.

MAJOR CREDIT SUISSE SCHEMES

Credit Suisse has lent its support to Bancassurance, a plan in which it hopes to become a single business that provides every basic financial service.  Bancassurance is highly exclusive in nature, reserved for businesses and high-net-worth people with more than fifty thousand euro. Credit Suisse’s CreditRisk+ methodology for measuring loan risk is built entirely on the Poisson probability technique for measuring the likelihood of default.

As of 2002, Credit Suisse brought in a little over a quarter of its revenues from the insurance business acquired when it bought Winterthur in 1997. The investment bank’s insurance products are successful in the domestic market because they cover several kinds of risks, including car, fire, property, life, disability, pension, and retirement.  Historically, private banking services have brought in 20–40% of the bank’s income, which was among its most profitable sectors.

A Credit Suisse hedge fund is one of the six running indexes of European stock markets.

HOW DOES CREDIT SUISSE WORK AS AN INVESTMENT BANK 

Credit Suisse’s investment managers prefer companies in the financial, technology, and energy sectors. Investment Banks, among other services, provide advice and play a role in investments and trade by aiding new stock issues, managing mergers and acquisitions, and underwriting new stock issues.

In addition to asset management for big investment funds and personal wealth management for high-net-worth people, investment banks play a variety of other functions. Credit Suisse, JPMorgan Chase, and Goldman Sachs are some of the big names on Wall Street.

Investment banks serve as middlemen for corporate bond issuance, seeking investors for corporate debt. Investing also goes beyond the distribution of securities, in that an investment bank offers pre-underwriting guidance and support once they are sold. In addition, the firm will go over the organization’s financial records for the correctness and issue a prospectus describing the deal to potential investors prior to selling the securities.

Corporate customers of investment banks include pension funds, other financial institutions, governments, hedge funds, and all other investors. The biggest banks often provide the finest investment banking services. The more ties the bank has with the market, the more it will earn. Big banks with customers throughout the world are some of the biggest investment institutions.

Mismarking

In 2007, two Credit Suisse traders pled guilty to mismarking their securities holdings in order to minimize losses and boost their year-end bonuses. Prosecutors and the Securities and Exchange Commission claimed that the traders’ objective was to earn extravagant year-end bonuses as a result of the mismarking. The traders were involved in what The New York Times described as a blatant plan to fraudulently inflate the price of bonds on their books in order to generate fake profits.’

Faced with an investigation by Credit Suisse’s internal controls Price Testing department, a team of traders justified the inflated value of their bond portfolio by getting ‘independent’ evaluations from other banks’ trading desks. The traders obtained phony ‘independent’ marks for illiquid assets in which they had positions from associates at other financial companies. Their buddies produced values for a variety of bonds at the prices desired by the traders, which the traders then recorded as the bonds’ actual worth. In this instance, the bank was not prosecuted. The mismarkings were found during an examination by Credit Suisse’s independent auditor. Credit Suisse recorded a $2.65 billion charge for mismarking by traders.

CREDIT SUISSE AF TRUST

Credit Suisse AF Trust is a Statutory Trust incorporated in the State of Delaware, rendering it to be classified as a foreign trust by Albany County New York Process Service requirements. The entity was incorporated in Delaware on 9th May 2008, with Wells Fargo Delaware Trust Company recorded as the registered agent for Albany County New York Process Service. Considering that the registered agent requires to have an address in the state of incorporation, Wells Fargo Delaware Trust Company retains its office in Wilmington, Delaware. The county for incorporation in New Castle in the state. 

Before doing business in the State of Delaware, a foreign statutory trust must register with the Secretary of State. This must include a copy executed by a trustee or other authorized person of an application for registration as a foreign statutory trust, which would require [A.] the name of the foreign statutory trust; [B.] the state, territory, possession, or other jurisdiction or country where the trust was formed, [C.] the nature of the business or purposes to be conducted; [D.] the address of the registered office and the name and address of the registered agent for service of process [E.] a statement that the Secretary of State is appointed the agent of the trust for service of process; and [F.] the date on which the foreign statutory trust conducts business.

CREDIT SUISSE AG

Credit Suisse AG  is a Foreign General Corporation according to Albany County New York Process Service, although it is also registered as a Foreign General Corporation in Delaware, where it was incorporated on 11th April 2011. Unlike Credit Suisse AF Trust, Credit Suisse AG retains Corporation Service Company as its registered agent for Albany County New York Process Service. However, similar to Credit Suisse AF Trust, Credit Suisse AG’s registered agent retains an address for Albany County New York Process Service in the state of incorporation, with an office in Wilmington Delaware in New Castle County.

CREDIT SUISSE ALTERNATIVE CAPITAL, LLC

Credit Suisse Alternative Capital, LLC is a limited liability company that was incorporated on 6th January 1994. Credit Suisse Asset Management, LLC is an indirect wholly-owned subsidiary of Credit Suisse Group AG, a publicly-owned foreign bank holding company based in  Switzerland.  The entity was incorporated in Delaware with Corporation Service Company as its registered agent for Albany County New York Process Service

To a foreign limited liability company in New York,  it is necessary to complete and file the Application for Authority with the Department of State, with an Application for Authority. Attached to the application, a Certificate of Existence from the official who files and maintains limited liability company records in the jurisdiction of the limited liability company will be required, with the certificate dated within one year.

The completed application, together with the filing fee of USD 250, should be forwarded to the New York Department of State, Division of Corporation.

CREDIT SUISSE AMERICAS FOUNDATION 

Credit Suisse Americas Foundation is a Foreign Corporation according to Albany County New York Process Service, although it is also registered as a General Corporation exempt from taxation in Delaware, where it was incorporated on 31st December 2010. Credit Suisse Americas Is a charitable organization that was incorporated relatively recently and the foundation supports organizations that engage Credit Suisse as well as creates educational opportunities for disadvantaged young people. The entity retains Corporation Service Company as its registered agent for Albany County New York Process Service. However, Credit Suisse Americas Foundation’s registered agent retains an address for Albany County New York Process Service in the state of incorporation, with an office in Wilmington Delaware in New Castle County

CREDIT SUISSE ASSET MANAGEMENT INCOME FUND

Credit Suisse Asset Management Income Fund, Inc. is a Foreign Corporation according to Albany County New York Process Service, with the entity itself falling under Maryland jurisdiction. The corporation was incorporated on 2nd June 1987 and is one of the earliest subsidiaries of the organization. Credit Suisse Asset Management Income Fund, Inc itself was registered and incorporated in New York, which rendered its registered agent for Albany County New York Process Service to be Credit Suisse Asset Mangaement LLC rather than Corporation Service Company like other Credit Suisse subsidiaries.  Albany County New York Process Service is also provided upon the Chief Executive Officer or any higher officer who is authorized to accept service of process. Additionally, Credit Suisse Asset Management Income Fund, Inc also retains First Boston Income Fund as its registered agent for New York County Process Service in addition to Credit Suisse Asset Management, wherein requisite documents are directed

CREDIT SUISSE ENERGY LLC

Credit Suisse Energy LLC is a foreign limited liability company for Albany County New York Process Service requirements. The entity first filed for incorporation with the New York Department of State on 1st February 2006 although the initial foreign formation date of the entity was on 26th October 2005. The entity thus falls under Delaware jurisdiction with Corporation Service Company being its registered agent for Albany County New York Process Service. Since the registered agent of an entity is required to be in the same state, Corporation Service Company receives Albany New York Process Service at its Albany County address. 

Credit Suisse Energy LLC is located in New York, NY, United States, and is part of the Electric Power Generation, Transmission, and Distribution Industry. On October 31st, 2008, the Department of Energy received an application from Credit Suisse Energy LLC for authority to transmit electric energy from the United States to Mexico as a power marketer. Credit Suisse Energy LLC itself does not own any electric transmission facilities nor does it hold a franchised service area. The electric energy which Credit Suisse Energy LLC was to export to Mexico would be surplus energy purchased from electric utilities, Federal power marketing agencies, and other entities within the United States.

CREDIT SUISSE CASH RESERVE FUND, INC.

Credit Suisse Cash Reserve Fund, Inc is a Foreign Business Corporation according to Albany New York Process Service, with the entity falling under Maryland jurisdiction. The corporation was incorporated on 11th  March 1985 and subsists as one of the premier subsidiaries of the Credit Suisse Group. Credit Suisse Cash Reserve Fund, Inc. was registered and incorporated in New York, with its registered agent for Albany County New York Process Service as The Corporation rather than Corporation Service Company like other Credit Suisse subsidiaries.  Albany County New York Process Service   is also provided upon the Chief Executive Officer or any higher officer who is authorized to accept service of process

CREDIT SUISSE EMERGING MARKETS FUND, INC  

Credit Suisse Emerging Markets Fund, Inc. is a Foreign Business Corporation according to Albany County New York Process Service, although it comes under Maryland jurisdiction. The entity was incorporated on 22nd  February 1994.  Credit Suisse Emerging Markets Fund, Inc, INC  retains its own registered agent for Albany New York Process Service not similar to other Credit Suisse group entities. As such,  Credit Suisse Emerging Markets Fund, Inc directs its documents for Albany County New York Process Service to Credit Suisse Asset Management LLC. However, Credit Suisse Emerging Markets Fund, Inc registered agent retains an address for the Albany County New York Process Service in the state of incorporation, with the Albany County New York process service also being available to be served upon major authority figures of the business entity itself as viable forms of Albany County New York Process Service. 

On December 16th, 2009, the US Department of Justice announced that it had reached an agreement with Credit Suisse regarding allegations that the bank assisted residents of the International Emergency Economic Powers Act sanctioned countries in violating both the Act and New York law between 1995 and 2006. Credit Suisse agreed to forfeit over five hundred million as part of the settlement.

Credit Suisse agreed on 5 July 2018 to pay a fifty million dollar fine to the US Department of Justice and thirty million dollars to settle US Securities and Exchange Commission allegations (SEC). According to the SEC’s investigation, the banking firm solicited banking and investment business in the Asia-Pacific area by recruiting and promoting over one hundred Chinese officials and associated individuals in violation of the Foreign Corrupt Practices Act.

For more information on serving legal papers, contact Undisputed Legal our Albany County New YorkProcess Service department at (800) 774-6922. Representatives are available Monday-Friday 8 am – 8 pm EST.  If you found this article helpful, please consider donating.  Thank you for following our blog, A space dedicated to bringing you news on breaking legal developments, interesting articles for law professionals, and educational material for all. We hope that you enjoy your time on our blog and revisit us!  We also invite you to check out our Frequently Asked Questions About Process Servers.

Sources

1. The move to retail banking started in the 1900s when the middle class rose and UBS and Julius Bär, other Swiss banks, competed with BSI.

2. First Boston was almost pushed out of business due to a bad loan in the 1980s, but in 1988, Credit Suisse acquired enough shares to put them in control of the company.

3. Qatar Investment Authority, Harris Associates, Dodge & Cox, Norway’s central bank, and the Olayan Group (all US-based funds) have majority stakes in Credit Suisse.

4. The bank was involved in a series of international investigations for tax evasion and paid penalties totaling USD 2.6 billion in fines during the years between 2008 and 2012.   

5. “Risk Management & Sustainability.” Credit Suisse, www.credit-suisse.com/about-us/en/our-company/corporate-responsibility/banking/risk-management-sustainability.html. 

6. WELLS FARGO DELAWARE TRUST COMPANY, N.A.

919 N MARKET ST 1600

WILMINGTON County: New Castle

DE Postal Code: 19801 

7. CORPORATION SERVICE COMPANY

251 LITTLE FALLS DRIVE

WILMINGTON County: New Castle

DE Postal Code: 19808

302-636-5401

8. CORPORATION SERVICE COMPANY

251 LITTLE FALLS DRIVE

WILMINGTON County: New Castle

DE Postal Code: 19808

302-636-5401

9. This official is generally the Secretary of State, and many jurisdictions refer to the Certificate of Existence as a Certificate of Good Standing

10. New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.

11. C/O CREDIT SUISSE ASSET MANAGEMENT LLC

Address: ELEVEN MADISON AVE, NEW YORK, NY, United States, 10010

12. MICHAEL KENNEALLY

Address: C/O CREDIT SUISSE ASSET MGMT I, 466 LEXINGTON AVE 15TH FL, NEW YORK, NY, United States, 10017 – 3147

13. FIRST BOSTON INCOME FUND

Address: INC., JAY T. ROELOF, TOWER 49,12 E. 49TH ST, NEW YORK, NY, 10017

14. C/O CORPORATION SERVICE COMPANY

Address:80 STATE STREET, ALBANY, NY, United States, 12207

15. ‘CSE proposes to export electric energy to Mexico and to arrange for the delivery of those exports over the international transmission facilities presently owned by AEP Texas Central, El Paso Electric Company, Central Power & Light Company, San Diego Gas & Electric Company, Sharyland Utilities, and Comision Federal de Electricidad, the national electric utility of Mexico.’

16. THE CORPORATION

Address: MICHAEL KENNEALLY, 466 LEXINGTON AVE, NEW YORK, NY, United States, 10017 – 3147

17. JOHN POPP

Address: ELEVEN MADISON AVE, NEW YORK, NY, United States, 10010

18. C/O CREDIT SUISSE ASSET MANAGEMENT LLC

Address:466 LEXINGTON AVENUE, NEW YORK, NY, United States, 10017 – 3147

Chief Executive Officer’s

19. STEVE PLUMP

Address:466 LEXINGTON AVENUE, NEW YORK, NY, United States, 10017 – 3147

Principal Executive Office or Owner Name and Address

This entry was posted in Process Service on by .

BLOG DISCLAIMER

The information contained herein has been prepared in compliance with Section 107 of the Copyright Act. Fair use is a legal doctrine that promotes freedom of expression by permitting the unlicensed use of copyright-protected works. The articles/Images contained herein serve as criticism, comment, news reporting, teaching, educational, and research-as examples of activities that qualify as fair use. Undisputed Legal Inc. is a Process Service Agency and “Not A Law Firm” therefore the articles/images contained herein are for educational purposes only, and not intended as legal advice.