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Asian investors, including over 500 from Singapore, Japan, and Hong Kong, have launched the largest lawsuit against Switzerland under an investment protection agreement, seeking more than CHF 226 million in damages after the cancellation of Credit Suisse's AT1 bonds during UBS's emergency takeover. They argue that Switzerland breached its obligations by declaring these bonds worthless, prompting arbitration proceedings. The law firm Drew & Napier is encouraging other affected investors to join the claim, with negotiations set to begin within six months.
More than 500 investors from Singapore, Japan, and Hong Kong are suing Switzerland over losses from cancelled AT1 bonds following UBS's takeover of Credit Suisse. They claim around $250 million, alleging Switzerland breached investment treaty obligations by unilaterally writing down the bonds to zero. The investors have initiated the first step towards arbitration by submitting trigger letters under various bilateral investment treaties.
Over 500 Asian investors, including those from Singapore, Japan, and Hong Kong, are suing Switzerland for approximately $250 million after the value of their Credit Suisse AT1 bonds was wiped out during UBS's takeover of the bank. The investors allege that the Swiss government violated bilateral investment treaties by not protecting their rights, as the bonds were zeroed out despite expectations of conversion to shares. Arbitration proceedings are set to begin, with negotiations planned over the next six months to seek an amicable resolution.
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Asian investors file record lawsuit against Switzerland over Credit Suisse bonds
United States Dollar
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
Omni Bridgeway Ltd.
JPN
HKG
SGP
PHL
THA
Mahesh Rai
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11:27 07.02.2025
asian investors file largest claim against switzerland over credit suisse bond losses
United States Dollar
Swiss Franc
Omni Bridgeway Ltd.
Credit Suisse High Yield Bond Fund, Inc.
JPN
HKG
SGP
CHE
PHL
THA
Mahesh Rai
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16:47 06.02.2025
asian investors sue switzerland over credit suisse bond write-offs
Swiss Franc
Credit Suisse High Yield Bond Fund, Inc.
Omni Bridgeway Ltd.
CHE
JPN
SGP
HKG
Mahesh Rai
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15:09 06.02.2025
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