{
}
AllianceBernstein is suing the Swiss Confederation for $225 million over the cancellation of $17 billion in AT1 bonds during UBS's takeover of Credit Suisse. The lawsuit, which will increase the total claim to $375 million, alleges unlawful interference with investors' property rights. The Swiss government is seeking to dismiss the case, citing sovereign immunity and arguing that it should be heard in a Swiss court.
AllianceBernstein is reportedly preparing to sue Switzerland over the decision to eliminate Credit Suisse's AT1 bonds, which resulted in a $17 billion loss for investors. The asset manager seeks $225 million in compensation and may join ongoing litigation in New York, where other plaintiffs have already filed claims. The Swiss government, facing scrutiny over its handling of the Credit Suisse rescue, has opposed these claims, prompting a commission of inquiry to investigate the matter further.
AllianceBernstein is seeking $225 million from Switzerland over the cancellation of Credit Suisse's $17 billion AT1 bonds during its merger with UBS. The firm claims this action constituted an illegal invasion of investors' property rights, leading to a lawsuit in the U.S. against the Swiss government, which asserts sovereign immunity. The case reflects ongoing tensions from the Credit Suisse scandal, with bondholders hoping for a favorable outcome based on the legal expertise of their representation.
AllianceBernstein is set to sue the Swiss government for $225 million in damages over the handling of Credit Suisse's collapse and its subsequent takeover by UBS. This lawsuit, which will see AllianceBernstein join as a plaintiff next month, was originally filed in June in the Southern District of New York. The firm is represented by Quinn Emanuel Urquhart & Sullivan.
Denmark's Nykredit has made a DKr24bn ($3.5bn) cash offer to acquire Spar Nord Bank, representing a 49% premium on its share price, with completion expected in the first half of 2025. In other news, AllianceBernstein plans to sue Switzerland over the $17bn writedown of Credit Suisse's AT1 bonds, joining a lawsuit that claims investor rights were violated during the UBS takeover. Additionally, DBS Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group are potential bidders for Indonesia's Panin Bank, which has seen a significant rise in its share value this year. Morgan Stanley will pay $15mn to settle SEC allegations regarding inadequate fraud prevention measures at its Smith Barney unit.
AllianceBernstein plans to seek $225 million in compensation from the U.S. government following the write-off of over 16 billion francs of Credit Suisse's debt during its takeover by UBS. The firm will join a lawsuit led by Quinn Emanuel Urquhart & Sullivan on behalf of bondholders, challenging the financial supervisory authority Finma's decision to set the value of AT1 bonds at zero. This legal action, which claims government interference violated investors' property rights, raises the total value at stake to $375 million.
U.S. asset manager AllianceBernstein plans to seek $225 million from the Swiss government after Credit Suisse's debt was wiped out during its takeover by UBS. The lawsuit, led by Quinn Emanuel Urquhart & Sullivan, claims that the government's actions violated investors' property rights, particularly concerning AT1 bonds, which were rendered worthless by the financial supervisory authority Finma. This case marks a significant move as AB becomes the first major institutional investor to join the legal action, raising the total value at stake to $375 million.
U.S.-based asset manager AllianceBernstein plans to seek $225 million in compensation from the Swiss government after the wipeout of over 16 billion francs of Credit Suisse debt during UBS's takeover. This lawsuit, led by Quinn Emanuel Urquhart & Sullivan, highlights the controversial treatment of AT1 bonds, which were deemed worthless by the financial supervisory authority, Finma, raising concerns over investor rights. The case underscores the disparity between bondholders and shareholders during corporate crises.
AllianceBernstein, a US-based asset manager, is preparing to sue Switzerland for $225 million following the government's decision to wipe out $17 billion in Credit Suisse debt during UBS's takeover of the bank last year. The lawsuit, represented by Quinn Emanuel Urquhart & Sullivan, claims the Swiss state unlawfully brokered the deal, impacting bondholders significantly.
A major US asset manager, AllianceBernstein, plans to join the lawsuit against the Swiss Confederation regarding the invalidation of Credit Suisse's AT1 bonds, which were declared worthless during UBS's takeover of CS. This move increases the lawsuit's value to approximately $375 million, with claims for compensation totaling around CHF 80 million. The initial hearing in the US District Court for the Southern District of New York is not expected until February, as Switzerland seeks to invoke its sovereign immunity.
AllianceBernstein Holding L.P.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
AllianceBernstein Sues Switzerland Over Credit Suisse Debt Cancellation
United States Dollar
AllianceBernstein Holding L.P.
Quinn Emanuel Urquhart & Sullivan LLP
Credit Suisse Real Estate Fund Siat
CHE
USA
Show more
15:32 10.12.2024
AllianceBernstein Plans Legal Action Against Switzerland Over Credit Suisse Bond Write-Down
United States Dollar
AllianceBernstein Holding L.P.
Credit Suisse Real Estate Fund Siat
CHE
USA
Quinn Emanuel Urquhart
Fabrice Coffrini
Jake Sullivan
Show more
15:03 10.12.2024
AllianceBernstein Seeks 225 Million from Switzerland Over Credit Suisse Bond Controversy
United States Dollar
AllianceBernstein Holding L.P.
FinMan Gestion",
Quinn Emanuel Urquhart & Sullivan LLP
Credit Suisse Real Estate Fund Siat
CHE
Show more
14:00 10.12.2024
AllianceBernstein to Sue Swiss Government Over Credit Suisse AT1 Wipe-Out
12:18 10.12.2024
Nykredit to Acquire Spar Nord Bank in Major Danish Banking Merger
United States Dollar
Japanese Yen
Danish Krone
Singapore Dollar
AllianceBernstein Holding L.P.
Spar Nord Bank A/S
DBS Group Holdings Ltd
Morgan Stanley
Mitsubishi UFJ Financial Group, Inc.
ANZ Group Holdings Ltd
Sumitomo Mitsui Financial Group, Inc.
Credit Suisse Real Estate Fund Siat
CHE
DNK
USA
AUS
SGP
IDN
JPN
Show more
12:03 10.12.2024
AllianceBernstein Seeks 225 Million from US Government Over Credit Suisse Debt Write-Off
United States Dollar
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
AllianceBernstein Holding L.P.
Quinn Emanuel Urquhart & Sullivan LLP
USA
CHE
Quinn Emanuel
Show more
12:00 10.12.2024
AllianceBernstein Seeks 225 Million from Swiss Government Over Credit Suisse Debt Write-Off
United States Dollar
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
AllianceBernstein Holding L.P.
CHE
Quinn Emanuel Urquhart
12:00 10.12.2024
AllianceBernstein Seeks 225 Million Compensation After Credit Suisse Debt Write-Off
United States Dollar
Swiss Franc
AllianceBernstein Holding L.P.
Quinn Emanuel Urquhart & Sullivan LLP
Credit Suisse Real Estate Fund Siat
CHE
Quinn Emanuel Urquhart
Show more
10:56 10.12.2024
AllianceBernstein to Sue Switzerland Over Credit Suisse Debt Wipeout
United States Dollar
AllianceBernstein Holding L.P.
Credit Suisse Real Estate Fund Siat
CHE
Quinn Emanuel Urquhart
Jake Sullivan
09:36 10.12.2024
us asset manager joins lawsuit over credit suisse at1 bond invalidation
United States Dollar
Swiss Franc
Credit Suisse Real Estate Fund Siat
AllianceBernstein Holding L.P.
CHE
USA
09:35 10.12.2024
Trending
Subcategory
Industry Trends
Corporate News
Startups & Entrepreneurship
Global Trade Developments
Government Economic Policies
Retail and Consumer Goods
Supply Chain Management
Industry Mergers & Acquisitions
Stock Market Updates
Global Financial Events
Energy Sector Developments
Venture Capital Investments
Finance Mergers & Acquisitions
Central Bank Actions
Cryptocurrency & Blockchain Regulations
Emerging Startups
Funding Rounds & Investments
Inflation and Monetary Impact
Private Equity Deals
Market Analysis and Predictions
Countries:
Companies:
Apple Inc.
NVIDIA Corporation
Google Inc.
Dell Technologies Inc.
Samsung Securities Co.,Ltd.
Learning Resources Inc.
MGA Entertainment Inc.
XPeng Inc.
Toyota Motor Corp
State Street Global Advisors Luxembourg SICAV - SSGA EMU ESG Screened Equity Fund
European Union Bonds
Taiwan Semiconductor Manufacturing Company Limited
Microsoft Corporation
Verizon Communications Inc.
OpenAI ERC USD
SLB 4,6% 01JUN25
Equinor Ventures AS
Quanta Services, Inc.
Gold Circuit Electronics Ltd.
Unimicron Technology Corp.
Currencies:
United States Dollar
Indian Rupee
Chinese Yuan
Euro
Japanese Yen
Australian Dollar
United Arab Emirates Dirham
British Pound Sterling
New Taiwan Dollar
New Zealand Dollar
Vietnamese Đồng
South Korean Won
Egyptian Pound
Thai Baht
Saudi Riyal
Indonesian Rupiah
South African Rand
Malaysian Ringgit
Singapore Dollar
Lebanese Pound
People: