AllianceBernstein is set to sue Switzerland for $225 million following the government's decision to wipe out $17 billion in debt during the takeover of Credit Suisse by UBS. The asset manager, which oversees approximately $800 billion in assets, will join a lawsuit initiated by law firm Quinn Emanuel Urquhart & Sullivan on behalf of Credit Suisse bondholders.
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, 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.
AllianceBernstein plans to sue the Swiss government for $225 million over the cancellation of $17 billion in AT1 bonds during UBS's takeover of Credit Suisse, which resulted in significant investor losses. The asset manager will join a lawsuit led by Quinn Emanuel, raising the total claim to $375 million, arguing that the government's actions unlawfully interfered with investors' property rights. AT1 bonds, designed to bolster banks' core capital, were deemed worthless by Swiss regulators amid the takeover.
During a meeting at the APEC Summit in Lima, Xi Jinping urged President Biden to maintain stable U.S.-China relations, emphasizing the importance of cooperation amid concerns over the incoming Trump administration's protectionist policies. Biden highlighted the significance of candid dialogue to prevent miscalculations and conflict, while also pressing Xi to influence North Korea's actions amid rising tensions. The leaders discussed various issues, including China's support for Russia and cybersecurity threats, as they navigated a complex geopolitical landscape.
Andriy Yermak, chief of staff to President Zelenskiy, met with U.S. Secretary of State Antony Blinken and National Security Adviser Jake Sullivan to discuss military and economic support for Ukraine. They addressed the potential involvement of North Korean troops in the conflict and emphasized the need for sanctions against Russia and increased pressure on its allies. The situation in Ukraine is escalating, raising concerns from NATO and South Korea.
President Zelenskiy’s chief of staff, Andriy Yermak, met with U.S. officials Jake Sullivan and Antony Blinken to discuss military assistance for Ukraine, the involvement of North Korean troops in the conflict, and strategies to increase pressure on Russia and its allies. Yermak emphasized the importance of Ukraine’s Victory Plan and the implementation of the Peace Formula, while Blinken reaffirmed U.S. support for Ukraine’s sovereignty amid ongoing aggression from Russia, highlighting over $50 billion in military aid provided since 2022.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
