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A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses
A group of Credit Suisse bondholders representing billions of dollars in high-risk debt are suing Switzerland's banking regulator over a decision that rendered 16 billion Swiss francs in additional tier 1 bonds worthless in the bank's rescue takeover by UBS. Shareholders received compensation, but bondholders are taking legal action, challenging the legality of the decision and undermining confidence in the Swiss financial centre. Multiple lawsuits are reportedly pending over the matter.
Investors representing more than 4.5 billion Swiss francs ($5 billion) of Credit Suisse bonds have sued the Swiss regulator after their investments were wiped out during last month's
A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses.
The finance ministry has confirmed that two legal actions have been filed against the state-backed takeover of Credit Suisse by UBS.