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AllianceBernstein is preparing to sue Switzerland for $225 million following UBS's takeover of Credit Suisse, which resulted in the erasure of $17 billion in debt. The asset manager will join a lawsuit initiated by law firm Quinn Emanuel on behalf of Credit Suisse bondholders. This legal action comes after Swiss regulators wrote down approximately $17 billion of Credit Suisse's Additional Tier 1 debt, prompting anger among bondholders.
The PUK report on the Credit Suisse crisis is anticipated to reveal shortcomings in the oversight by FINMA and other authorities, with speculation about its content being tightly controlled due to legal liabilities. The investigation will assess the management of federal bodies during the emergency merger with UBS and may lead to recommendations for revising too-big-to-fail legislation. The report's release date remains uncertain, with potential dates in December or January.
The PUK report on the Credit Suisse crisis is anticipated to reveal shortcomings in the oversight by FINMA and other authorities, with speculation about its findings being tightly controlled due to legal liabilities. The report will likely address the failures of key figures, including FINMA Chairwoman Marlene Amstad and former officials Thomas Jordan and Ueli Maurer, while also examining the implications for too-big-to-fail legislation. An international comparison of financial supervision will inform recommendations for future regulatory frameworks.
AllianceBernstein plans to sue Switzerland for $225 million following UBS's acquisition of Credit Suisse, which resulted in the cancellation of $17 billion in the bank's debt. The asset manager will join a lawsuit initiated by bondholders of Credit Suisse's Additional Tier 1 debt. This legal action stems from the Swiss regulator's decision to write down the debt, which has sparked significant backlash among investors.
AllianceBernstein plans to sue Switzerland for $225 million over the $17 billion debt wipeout of Credit Suisse during its takeover by UBS. This lawsuit, which will add AllianceBernstein as a plaintiff in an existing case, challenges the legality of the Swiss government's actions that favored equity investors over bondholders. The Swiss government is seeking to dismiss the case, citing sovereign immunity.
Daniel Zuberbühler, former Director of the Swiss Federal Banking Commission, advocates for higher capital requirements for UBS to reduce the risk of the bank's potential winding up. He suggests an unweighted capital ratio of 10% and increased surcharges for size and market share, arguing that current measures are insufficient. Zuberbühler expresses skepticism about the feasibility of resolving a complex institution like UBS, despite the availability of bail-in bonds.
Inyova has secured Abendrot pension fund as a minority shareholder, aiming to enhance its growth and profitability in sustainable investments. This partnership, pending approval from FINMA, comes as Inyova faces significant losses, reporting a negative annual result of 2.62 million Swiss francs. The collaboration will focus on developing new pension solutions and expanding corporate client services, positioning Inyova for a more stable future.
John Häfelfinger faces potential upheaval at Basellandschaftliche Kantonalbank (BLKB) as a local initiative seeks to revert the bank to its traditional savings and mortgage model, challenging his leadership. Critics highlight costly decisions, including a significant loss from a Swissquote package and a failed neobank venture, Radicant, which has yet to secure a merger with Numerics. Despite these challenges, BLKB's media office asserts there is no loss of trust, citing a recent survey naming it the best bank for private customers in Northwestern Switzerland.
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AllianceBernstein to Sue Switzerland Over Credit Suisse Debt Wipeout
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BLKB Faces Backlash as Initiative Threatens Leadership of John Häfelfinger
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08:18 21.11.2024
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