A large number Asian investors have joined major international lawsuits filed against the Swiss government over the collapse of Credit Suisse bank and its takeover by UBS, according to a report by the BBC, which said holders of AT1 bonds, or contingent convertibles lost a combined $17 billion in the forced merger in March.
“Dozens of individual bondholders in Singapore have joined what is believed to be thousands of aggrieved retail investors globally, who are challenging the Swiss authorities in court,” the report said, adding that bondholders argue that they were supposed to be compensated first in the event of a ‘viability event’, ahead of shareholders. “Bondholders were deprived entirely of the value of their bonds through a series of irregular administrative acts,” a lawyer was quoted as saying.
Read the full report: The BBC.
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