Credit Suisse investors sue Swiss regime in New York court

Source: Financial Times [UK]

“Credit Suisse bondholders have sued Switzerland over the decision to wipe out $17bn of debt when the bank was rescued by its rival UBS last year. In the first major claim brought in a US court over the takeover, lawyers representing the group accused Switzerland of ‘unjustly violating the property rights of the holders of those instruments’ in orchestrating the deal. The rescue, which was the most significant bank takeover since the global financial crisis, has spawned more than $9bn of legal claims in Europe and Asia. While most of the cases have focused on Finma, the Swiss regulator, bondholders have also weighed claims against Switzerland.” (06/06/24)