First customer lawsuit against CSFB over XIV was filed.
- Thread starter ajacobson
- Start date
What are they suing CSFB for? Not having allowed you to make money? LOL Everything is disclosed in the prospectus. Ignorance is not an excuse for stupidity. When everybody is making $millions, nobody says anything. And then when they lose money, they cry wolf. LOL
https://www.bloomberg.com/news/arti...by-investor-over-volatility-note-that-crashed
"The suit offers no details about Chahal other than to say he purchased notes and "was damaged thereby." This is like saying "I bought a stock and then I lost money so therefore I am suing the company that issued the stock." You know every time when I buy a stock, I am supposed to win all the time. How dare the stock make me lose? Paris Hilton-style entitlement at its best! LOL
https://www.bloomberg.com/news/arti...by-investor-over-volatility-note-that-crashed
"The suit offers no details about Chahal other than to say he purchased notes and "was damaged thereby." This is like saying "I bought a stock and then I lost money so therefore I am suing the company that issued the stock." You know every time when I buy a stock, I am supposed to win all the time. How dare the stock make me lose? Paris Hilton-style entitlement at its best! LOL
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Nobody was filing lawsuits when it was up 1000%. Hmm....
Legal battle over Credit Suisse 'volatility' product expands to second firm
https://www.reuters.com/article/us-...-product-expands-to-second-firm-idUSKCN1GR3DL
https://www.reuters.com/article/us-...-product-expands-to-second-firm-idUSKCN1GR3DL
Hey, Credit Suisse—Just Because You Disclose the Risks of Your Volatility ETN Doesn’t Mean You Can’t Be Sued
https://www.barrons.com/articles/he...y-etf-doesnt-mean-you-cant-be-sued-1521129029
https://www.barrons.com/articles/he...y-etf-doesnt-mean-you-cant-be-sued-1521129029
I was saying the disclosures were insufficient the day of, and these lawsuits were coming from the day after it blew up. Though, the tack they're taking here is different from what I suggested was the disclosure problem.
Yes they are claiming the blow-up is due to price manipulation of the XIV products by CSFB. And for that, they've got the wrong defendant. All CSFB needs to do is show that they were following the valuation of VIX derivatives given by CBOE and were adjusting the values of XIV accordingly, case dismissed! XIV weren't the only VIX product that lost 90% of the value on that day. SVXY did too. They are just suing CSFB because with XIV the Termination Clause was triggered and the fund is gone and there is no way for them to recover all the money that they lost. It's like they lost everything in that Russian Roulette and then subsequently that Russian Roulette table is closed permanently so they could never make back the money. Now they are hopping mad and are trying to sue the casino. LOL With SVXY, the fund is still there and there is still a chance; this Russian Roulette table is still open. LOL Gawd, human greed in its most raw form!
