OPINION AND ORDER Top Matrix Holdings Ltd. (“Top Matrix” or “Petitioner”) is a company established by Credit SuisseAG (“Credit Suisse”) on behalf of Vitaly Malkin (“Malkin”) and his then-business partner Bidsina Ivanishvili (“Ivanishvili”). Top Matrix alleges that Credit Suisse failed to prevent and detect a fraudulent scheme perpetrated by its former Russia Desk Relationship Manager Patrice Lescaudron (“Lescaudron”), causing hundreds of millions of dollars in damages as a result. Accordingly, Top Matrix plans to file suit against Credit Suisse in Switzerland. Top Matrix applied for court orders to conduct pre-litigation civil discovery for information it claims to be highly material to its anticipated Swiss litigation pursuant to Title 28, United States Code, Section 1782, from wholly-owned U.S. subsidiaries of Credit Suisse, including Credit Suisse Holdings (USA) Inc., Credit Suisse (USA) Inc., Credit Suisse Securities (USA) LLC, and Credit Suisse Asset Management, LLC (collectively “Credit Suisse USA”), and Brady W. Dougan (“Dougan”), former Chief Executive Officer (“CEO”) and Member of the Executive Board at Credit Suisse, in the form of a subpoena duces tecum and subpoena ad testificandum, respectively. Credit Suisse USA and Dougan argue that the applications are unduly onerous and better suited to Swiss courts. Accordingly, they ask the Court to deny the applications. For the reasons set forth below, Top Matrix’s applications are GRANTED in part and DENIED in part. I. BACKGROUND Credit Suisse is a multinational bank and financial services holding company based in Zurich, Switzerland. Memorandum of Law in Support of Petitioner’s Ex Parte Application for an Order to Conduct Discovery (“Disc. Appl.”), 4, Doc. 4.1 It maintains a presence in 50 countries, including the United States, through multiple wholly owned subsidiaries and the headquarters of its investment banking department in New York. Id. at 5, 15. After selling the shares of two companies they helped to establish, Malkin, a businessman and former Russian senator, and his then-business partner Ivanishvili, the former Prime Minister of Georgia, engaged Credit Suisse to manage their profits from the deals. Id. at 4, 7. Credit Suisse established Top Matrix on their behalf as part of a trust and offshore company structure on January 4, 2005. Id. at 7. In March and April 2005, Top Matrix and Credit Suisse entered into “Discretionary Portfolio Management Agreements,” allowing Credit Suisse to manage the portfolio of Top Matrix. Id. Top Matrix entrusted approximately $700 million with Credit Suisse’s Geneva branch. Id. Dougan served as the CEO of Credit Suisse from May 2007 to June 30, 2015, a period spanning the majority of Top Matrix’s relationship with Credit Suisse. Id. at 6, 8. Malkin claims to have met Dougan on at least one occasion. Id. at 8. Dougan currently resides in Greenwich, Connecticut and works in the New York office of Scepter Partners, an entity unrelated to Credit Suisse. Id. at 6. In 2006, Patrice Lescaudron became the Credit Suisse Geneva’s Russia Desk Relationship Manager, taking over responsibility of Top Matrix’s accounts and those of other Eastern European clients. Id. at 8. Lescaudron managed approximately $2.5 billion in assets at Credit Suisse, testifying that nearly half of his portfolio consisted of assets from Malkin and Ivanishvili. Calamari Decl. Ex. 26 at 3 (“Lescaudron H’rg Minutes, Office of the Public Prosecutor, Republic and Canton of Geneva, Nov. 11, 2016″). Lescaudron’s transactions on behalf of Credit Suisse clients included shares listed on NASDAQ, such as a purchase of 20 percent of Raptor Pharmaceuticals’ shares on behalf of Ivanishvili. Disc. Appl. at 16. Lescaudron received positive employee assessments during his tenure, despite repeatedly breaching Credit Suisse’s compliance regulations. Calamari Decl. 33(a). In 2015, Credit Suisse discovered that Lescaudron had perpetrated a fraudulent scheme falsifying trades and distributing false statements in his role at Credit Suisse, leading the company to launch an investigation into his dealings. Id. 23. Lescaudron admitted to “trading without clients’ authorization, purchasing investments at higher-than-agreed quantities, trying to cover losses and submitting fabricated statements to clients to disguise losses.” Id. Credit Suisse terminated Lescaudron on September 22, 2015, Id. and disclosed his scheme to U.S. investors on March 24, 2016 in a 20-F filing. Calamari Decl. 42, Ex. 45 (“Credit Suisse Annual Report 2016″) at 382. Top Matrix claims that as a result of U.S. disclosure requirements, Credit Suisse USA likely reviewed information related to Lescaudron’s wrongdoings. Disc. Appl. at 16. Credit Suisse brought criminal charges against Lescaudron in December 2015 in Switzerland, later joined by Top Matrix on March 9, 2016. Id. at 9. He was charged with fraud, forgery, and criminal mismanagement on June 26, 2017, and convicted on February 9, 2018. Id. He was sentenced by the Geneva Criminal Court on February 9, 2018, to five years in prison, banned from engaging in banking activities for a period of four years, and ordered to pay damages of approximately $130 million. Id. at 9-10. As a result of Lescaudron’s activities, the Swiss Financial Market Supervisory Authority (“FINMA”) conducted an investigation and enforcement proceeding into Credit Suisse’s management of Lescaudron. Disc. Appl. at 2. FINMA announced its findings on September 17, 2018, stating that Credit Suisse failed to adequately manage the risks from its business relationships between its Eastern European clients, including Malkin and Lescaudron, and that it exhibited “organizational deficiencies…and lack of effective corrective intervention.” Calamari Decl.
25-27, Ex. 43 (“FINMA Press Release”) at 2-3. FINMA also found that Credit Suisse’s supervision of Lescaudron was inadequate due to his history of breaching the bank’s compliance regulations “repeatedly and on record over a number of years.” FINMA Press Release at 3. Credit Suisse has also been the focus of multiple investigations in the United States, the subjects of which include tax evasion and sales of residential mortgage-backed securities (“RMBS”) in the run-up to the 2008 financial crisis. Disc. Appl. at 2. As a result, Credit Suisse agreed to appoint Neil Barofsky, a New York-based lawyer, as U.S. monitor to report on implementation of internal controls mandated by the U.S. Department of Justice as part of its consent order and settlements relating to its tax evasion and RMBS cases. Id. at 3. As a result of Lescaudron’s dealings and Credit Suisse’s alleged failure to monitor him, Top Matrix filed suit against Credit Suisse on June 30, 2017, requesting mandatory conciliatory proceedings to recover hundreds of millions of dollars in damages from high risk financial products sold to Top Matrix. Amended Declaration of Remo Decurtins (“Decurtins Decl.”),
