A group of Credit Suisse bondholders have filed a lawsuit over the Swiss government’s decision to write down the failed bank’s Additional Tier 1…
A group of Credit Suisse bondholders filed a lawsuit against the Swiss government, seeking full compensation over the contentious decision to write down the failed bank's Additional Tier 1 debt.
Law firm Quinn Emanuel Urquhart & Sullivan, which represents the plaintiffs, on Thursday said that it had filed a lawsuit in the U.S. District Court for the Southern District of New York.contentious decisionlast year, which was orchestrated by the Swiss government, Swiss regulator Finma wiped out roughly $17 billion of the bank's AT1s, writing them down to to zero.
Finma previously defended its decision to instruct Credit Suisse to write down its AT1 bonds in March last year as a" "Through its actions, Switzerland needlessly wiped out $17 billion in AT1 instruments, unjustly violating the property rights of the holders of those instruments," Dennis Hranitzky, partner and head of Quinn Emanuel's Sovereign Litigation practice, said in a statement.a relatively risky form of junior debt.
One of the key attributes of AT1 bonds is that they are designed to absorb losses. This happens automatically when the capital ratio falls below the previously agreed threshold, and AT1s are converted into equity.‘The system is horrible.' Mother of man murdered in San Pedro bar says accused killer should have been in jail
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