Credit Suisse bondholders sue Swiss regulator
A group of Credit Suisse bondholders are challenging the legality of Finma’s decision leading to the alleged write-down of the AT1 bonds in the UBS-Credit Suisse merger. – AFP pic, April 22, 2023.
A GROUP of Credit Suisse bondholders representing billions of dollars in high-risk debt that was wiped out in the bank’s rescue takeover by rival UBS are suing Switzerland’s banking regulator, their lawyers said yesterday. Swiss authorities required that 16 billion Swiss francs in so-called additional tier 1 bonds be rendered worthless in the mega-merger of Switzerland’s two biggest banks, announced last month.
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