Credit Suisse AT1 bondholders sue Switzerland in New York
ZURICH - A group of Credit Suisse bondholders holding $82 million worth of the failed bank's Additional Tier 1 debt have filed a lawsuit against Switzerland seeking compensation, U.S. court filings on Thursday showed.
Law firm Quinn Emanuel Urquhart & Sullivan, representing the plaintiffs, said the lawsuit had been filed in the U.S. District Court for the Southern District of New York.The face value of the AT1 bonds held by the plaintiffs in the suit was over $82 million, the filing showed. In a statement, Dennis Hranitzky, head of Quinn Emanuel's sovereign litigation practice, said that the lawsuit was seeking full compensation for the bondholders.
UBS last week in Switzerland completed the merger of the main parent companies of UBS and Credit Suisse.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
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