Law firms Coen Emanuel and Ballas, which are already suing the Swiss FCA on behalf of investors holding A-level bonds, have received multiple requests from senior Credit Suisse executives to sue on their behalf, according to the log.
Hundreds of Swiss bondholders from Credit Suisse Group have sued the Swiss banking watchdog after it canceled the $1.7 billion in bonds issued by Credit Suisse before the troubled bank was sold to its Swiss rival UBS Group with the support of the Swiss government.
Legal services firm Palace Partners, which filed suit in a Swiss court on April 18, confirmed that the Banking Supervisory Authority did not have the right to order the delisting of the value of the bonds and demanded that its customers obtain compensation for the full value of the obligations.
The firm represents 90 investment institutions and asset management firms that hold Credit Suisse bonds, called “Additional First Class,” or “AT1,” worth $1.35 billion, as well as 700 individual investors and family businesses who hold bonds worth $300 million.
And last March, Swiss bank UBS agreed to buy Credit Suisse for 3 billion francs ($3.24 billion).
This step came after the Swiss Federal Ministry of Finance, the Central Bank and the Swiss Financial Market Supervisory Authority asked the two banks to conclude the agreement quickly to restore the necessary confidence in the stability of the economy and of the Swiss banking system, according to a press release. issued by Credit Suisse, Sunday evening.
Under the terms of the agreement, each Credit Suisse shareholder will receive one UBS share for every 22.48 shares they own in Credit Suisse, equivalent to 0.75 francs for each Credit Suisse share, bringing the value total of the agreement to around 3 billion francs. .
Credit Suisse’s market value in early March, before its financial problems worsened, was $8.55 billion.
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