Japan’s Monex Sued by Client for Credit Suisse AT1 Bond Loss
- 62-year-old plaintiff accuses Monex of misselling risky debt
- Investors in Japan bought about $1 billion worth of the debt
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Monex Group Inc. was sued in Japan over the sale of Credit Suisse’s riskiest debt, making the online brokerage a rare case of a financial institution being accused of responsibility for investor losses triggered by Switzerland’s move to wipe out the bonds.
Kojimachi Oodori Sogo Law Office filed a suit Thursday against the firm with the Tokyo District Court on behalf of an individual investor seeking about 22.5 million yen ($161,000) in compensation.