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Around 3,000 investors are seeking to recover billions lost in the Credit Suisse bailout, with legal actions underway in both Switzerland and the USA. The PUK report reveals that the AT1 bond write-off was a key part of the UBS acquisition deal, raising questions about its legality and the federal government's role. Plaintiffs argue that the bonds should not have been written off due to a liquidity issue, potentially leading to significant financial repercussions for UBS and the Swiss government.
The eagerly anticipated report from the Parliamentary Commission of Inquiry into the Credit Suisse collapse is set to be released before Christmas, raising hopes among creditors whose AT1 bonds were entirely canceled on March 19, 2023. Approximately 2,500 claimants are challenging the legality of this cancellation, arguing that the necessary conditions were not met, while the Swiss Financial Market Supervisory Authority defends its decision as essential for public interest amid a financial crisis. As legal proceedings unfold, the implications for Switzerland could be significant, especially if a U.S. court agrees to hear a related expropriation claim, potentially exposing confidential government documents.
Thomas Werlen
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