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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.
AllianceBernstein is suing the Swiss state for $225 million over the write-down of Credit Suisse's AT1 bonds, which were reduced to zero as part of UBS's takeover. This lawsuit, joining a class action by bondholders, claims unlawful interference with property rights, raising total claims to $375 million. The Swiss government argues it has immunity from the lawsuit, seeking to dismiss the case.
AllianceBernstein is suing the Swiss state for $225 million following the write-down of Credit Suisse's AT1 bonds, which amounted to CHF 16 billion. This lawsuit, part of a class action with other bondholders, claims unlawful interference with property rights. The Swiss government argues it has immunity from the lawsuit, seeking dismissal in court.
Quinn Emanuel
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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
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12:00 10.12.2024
AllianceBernstein Sues Switzerland Over Credit Suisse AT1 Bond Write-Offs
United States Dollar
Swiss Franc
AllianceBernstein Holding L.P.
Migros Ticaret A.S.
Quinn Emanuel Urquhart & Sullivan LLP
Credit Suisse Real Estate Fund Siat
CHE
Beat Schmid
Wachtell Lipton
Quinn Emanuel
Show more
07:17 10.12.2024
AllianceBernstein sues Switzerland over Credit Suisse bond write-offs
United States Dollar
Swiss Franc
Quinn Emanuel Urquhart & Sullivan LLP
Credit Suisse Real Estate Fund Siat
AllianceBernstein Holding L.P.
Migros Ticaret A.S.
CHE
Beat Schmid
Wachtell Lipton
Quinn Emanuel
Show more
06:16 10.12.2024
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