M1 Capital, a South Africa-domiciled specialist equity hedge fund investment firm, is suing its prime broker Credit Suisse for $100m over an allegedly incorrect margin call, according to a report by Financial News.
In its claim, M1 alleges that Credit Suisse made an incorrect margin call which triggered the sale of stock that the hedge fund had pledged as collateral.
The firm is seeking $108m in compensation to cover the value of the shares sold in the margin call made in 2020, which it says the bank had incorrectly calculated and was not due.
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