The legal dispute involving eight former Credit Suisse creditors against the Swiss government is expected to continue until 2025, with a decision not anticipated until at least February.
The plaintiffs are seeking around CHF 80 million, claiming that the Financial Market Authority's decision to write off Credit Suisse's AT1 bonds was illegal following the bank's collapse.
The transfer of the lawsuit to Switzerland and other delays in the proceedings have led to an extension of the deadline granted by U.S. federal judge Dale Ho.
William Savitt, co-head of the law firm Wachtell, Lipton, Rosen & Katz, known for his expertise in complex commercial litigation, is representing Switzerland in the New York federal court.