AllianceBernstein to sue Switzerland over $17bn Credit Suisse debt wipeout

US asset manager will join case over decision when UBS took over struggling rival

US asset manager AllianceBernstein is preparing to sue Switzerland for $225mn over the decision to wipe out $17bn of debt when the country’s government orchestrated the takeover of Credit Suisse by rival UBS last year. The group, which manages about $800bn in assets, is set to be added next month as a plaintiff in a case brought by law firm Quinn Emanuel Urquhart & Sullivan on behalf of Credit Suisse bondholders, according to people familiar with the details.

The Swiss government, which is being represented by law firm Wachtell, Lipton, Rosen & Katz, filed a motion last week to dismiss the Quinn Emanuel complaint. In court filings, Switzerland argued that as a foreign state, it was entitled to sovereign immunity from the lawsuit and that the dispute should be adjudicated in a Swiss court. AllianceBernstein and Quinn Emanuel declined to comment. Lawyers representing the Swiss Confederation did not respond to a request for comment.

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