The Swiss bank has been served with a proposed class action suit over claims that it caused retail investors significant losses when it chose to de-list its exchange-traded note (ETN) DGAZ in June 2020.

The actions carried out by Credit Suisse are reported to have prompted investors to scramble to cover short positions at highly inflated prices. The bank issued the VelocityShares 3x Inverse Natural Gas ETN Linked to the S&P GSCI Natural Gas Index ER (DGAZ) in February 2012 and listed it on the NYSE Arca Exchange. DGAZ’s objective was to provide daily leveraged inverse exposure to the underlying index. According to the class action complaint, if the index were to go down, the indicat