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Credit Suisse, Janus Henderson unit sued over volatility product

An investor has filed a lawsuit against Credit Suisse Group AG and a unit of Janus Henderson Group Plc following losses on a complex volatility-linked financial product, Reuters reported.

The newswire reported that an investor had sued the Switzerland-based Credit Suisse on March 14, alleging that it had manipulated the VelocityShares Daily Inverse VIX Short Term exchange-traded notes, and that investors received insufficient information about them

On March 15, an investor sued the bank and the Janus unit, one of the product's service providers, Reuters said. The notes lost most of their value on Feb. 5. The bank moved to redeem the notes after the fall in value.

Credit Suisse said the risks had been disclosed to investors. Both the bank and Janus deny wrongdoing.