Published on January 14, 2025 at 6:52 p.m. / Modified on January 14, 2025 at 6:53 p.m.
2 mins. reading
About 40 new plaintiffs joined a complaint filed in June in New York by holders of Credit Suisse AT1 bonds. Contesting the cancellation of these securities during the takeover of the bank by UBS on March 19, 2023, these complainants believe that the Confederation “complied with virtually all of UBS’s requests” in this operation, in particular the non-reimbursement of these obligations. They are seeking $372 million, according to the amended complaint filed in a New York court, including Time got a copy.
The report of the Parliamentary Inquiry Commission (CEP) on Credit Suisse was read in the United States with great attention. In essence, this updated complaint argues that the Confederation “allowed UBS to dictate its own conditions for the acquisition [de Credit Suisse, ndlr]which included Switzerland’s erasure of AT1s – unnecessarily and in flagrant violation of investors’ rights. All of the canceled AT1s had a cumulative value of 16 billion francs.
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