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More than 500 investors from Singapore, Japan, and Hong Kong are pursuing claims against Switzerland for losses incurred from the writedown of $17 billion in Credit Suisse bonds, which became worthless after UBS's $3.25 billion takeover of the bank. The investors allege that Switzerland violated investment treaty obligations, seeking around $250 million in damages, marking the largest claim against the country in treaty arbitration to date. Negotiations are set to take place over the next six months, with additional claims anticipated from investors in other jurisdictions.
Leghist MPs Tonini and Caverzasio are urging the government to consider relocating the Palace of Justice to the former Credit Suisse building in Chiasso, following a public rejection of the EFG building purchase in Lugano. They highlight the strategic advantages of the Chiasso location, including better logistics and the need to address the current building's structural limitations that hinder judicial efficiency. The MPs have posed several questions to the State Council regarding the feasibility and potential benefits of this move.
Former Credit Suisse AT1 bondholders from Asia are pursuing arbitration against Switzerland, claiming $250 million following the emergency takeover by UBS. Over 500 investors from Singapore, Japan, and Hong Kong, represented by Drew & Napier, argue that the write-down of their bonds to zero breached investment agreements. Negotiations are set to occur over the next six months to seek an amicable resolution.
More than 500 investors from Singapore, Japan, and Hong Kong are pursuing a claims process against Switzerland, seeking $250 million in compensation after Credit Suisse bonds were written down to zero. They allege that Switzerland violated investment treaty obligations by unilaterally canceling Additional Tier 1 bonds during UBS's emergency buyout of Credit Suisse. Negotiations are set to begin, with calls for other Asian investors to join the proceedings.
Former CS-AT1 bondholders from Asia are pursuing $250 million in arbitration against Switzerland following the UBS takeover of Credit Suisse. Over 500 investors from Singapore, Japan, and Hong Kong, represented by Drew & Napier, claim that the Swiss authorities breached investment agreements by writing down the bonds to zero. Negotiations are set to take place over the next six months to seek an amicable resolution.
Aggrieved Asian investors, including over 500 from Singapore, Japan, and Hong Kong, have launched the largest claim against Switzerland in treaty arbitration, seeking over CHF 226 million in damages after the cancellation of Credit Suisse AT1 bonds during UBS's emergency takeover. They argue that Switzerland violated investment treaty obligations by unilaterally nullifying these bonds, which were written down to zero, prompting a wave of complaints. The investors are now in the negotiation phase, aiming for an amicable resolution before potentially proceeding to arbitration.
Over 500 investors from Singapore, Japan, and Hong Kong have launched legal proceedings against Switzerland, seeking $250 million in compensation after their Credit Suisse AT1 bonds were rendered worthless during UBS's emergency takeover of the bank. The claim, described as the largest in treaty arbitration against Switzerland, alleges a breach of investment treaty obligations following the unilateral cancellation of the bonds. The investors are now entering a six-month negotiation period to resolve the dispute amicably, with additional claims anticipated from affected investors in Thailand and the Philippines.
More than 500 investors from Singapore, Japan, and Hong Kong are pursuing a $250 million claim against Switzerland, alleging violations of investment treaty obligations following the write-down of Credit Suisse bonds. The investors argue that Switzerland's actions, which rendered these bonds worthless to facilitate UBS's takeover, breached their rights. Negotiations are set to begin, with calls for other affected investors to join the proceedings.
The merger of UBS and Credit Suisse will lead to the closure of 85 branches, reducing the total from 348 to 190 by the end of 2025. Credit Suisse customers will transition to UBS's platform in 2025, facing changes in branch access, while UBS aims to limit job losses through natural attrition. This restructuring reflects a broader trend of digitalization in the banking sector, diminishing the need for extensive physical networks.
Frédéric-Charles Bois, the former chief investment officer of Société Générale Private Banking Switzerland, has joined UBS as a senior portfolio manager. Bois, who has expertise in asset allocation and hedge funds, was previously promoted to CIO in January 2024 before leaving following the sale of the unit to Union Bancaire Privée. His career includes roles at Credit Suisse Asset Management and Aberdeen Asset Management, starting at Edmond de Rothschild in 2006.
Credit Suisse High Yield Bond Fund, Inc.
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