Plaintiffs argue Swiss government ‘folded’ to UBS demands when bank rescued its troubled rival
Dozens of new investors have joined a lawsuit against Switzerland over the wipeout of €17bn of Credit Suisse debt, arguing that the government “folded to virtually all of UBS’s demands” when it orchestrated the rescue takeover of the bank. In an amended complaint filed in New York on Wednesday, 39 plaintiffs were added to the lawsuit, taking the total value of the claim to more than $370mn, up from $82mn when the case was originally filed in June with eight claimants.
A parliamentary commission criticised the country’s financial regulator Finma but concluded that the bank’s failure was caused by “years of mismanagement” at Credit Suisse. Lawyers representing the Credit Suisse bondholders are now trying to use details in the 569-page report to bolster its case against Switzerland. In the amended complaint, Quinn Emanuel alleged that Switzerland “folded to virtually all of UBS’s demands”, including wiping out Credit Suisse’s AT1 bonds.
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