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.
U.S. asset manager AllianceBernstein plans to seek $225 million from the Swiss government after Credit Suisse's debt was wiped out during its takeover by UBS. The lawsuit, led by Quinn Emanuel Urquhart & Sullivan, claims that the government's actions violated investors' property rights, particularly concerning AT1 bonds, which were rendered worthless by the financial supervisory authority Finma. This case marks a significant move as AB becomes the first major institutional investor to join the legal action, raising the total value at stake to $375 million.
U.S.-based asset manager AllianceBernstein plans to seek $225 million in compensation from the Swiss government after the wipeout of over 16 billion francs of Credit Suisse debt during UBS's takeover. This lawsuit, led by Quinn Emanuel Urquhart & Sullivan, highlights the controversial treatment of AT1 bonds, which were deemed worthless by the financial supervisory authority, Finma, raising concerns over investor rights. The case underscores the disparity between bondholders and shareholders during corporate crises.
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.
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' capital, were deemed worthless by FINMA, prompting widespread legal challenges.
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