Credit Suisse AT1 bondholders sue Switzerland over $17bn wipeout

Investment Week

A case against the Swiss Confederation was filed in the US District Court for the Southern District of New York on Thursday (6 June) by litigation firm Quinn Emanuel Urquhart & Sullivan. The case stems from Switzerland’s decision on 19 March 2023 to order a write down Credit Suisse’s AT1 bonds. This directive, which reduced the bonds’ value to zero, is being challenged as an unlawful infringement on the property rights of the AT1 bondholders. Holders of $1.7bn Credit Suisse AT1 bonds sue Swiss regulator According to the law firm, Switzerland abandoned its regulatory role and acted …

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