2023-08-13 08:32:08
The Financial Times reported on Sunday that individual investors who lost money when UBS acquired Credit Suisse last March intend to file a lawsuit to challenge the acquisition.
The newspaper said: The Swiss Association for the Protection of Investors intends to file the lawsuit before the Commercial Court in Zurich on Monday on behalf of regarding 500 investors in the shares of “Credit Suisse”.
UBS said on Friday it had terminated a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc general liquidity support agreement set by the Swiss government when it acquired rival Credit Suisse in March. March”.
“The decision came following a comprehensive assessment of the non-core assets of Credit Suisse, which were covered by the liquidity support measures,” the bank added in a statement.
He continued, “These measures, together with the intervention of UBS, contributed to the stability of Credit Suisse and financial stability in Switzerland and globally.”
Acquisition of Credit Suisse
The emergency rescue deal saw UBS acquire Credit Suisse at a cut-price of CHF3 billion, creating a massive Swiss bank and wealth manager with a balance sheet of $1.6 trillion.
“After reviewing all assets covered by the loss protection agreement since closing in June, and making appropriate fair value adjustments, UBS has concluded that the agreement is no longer required,” the bank said.
He added, “Therefore, UPS provided a notice of voluntary termination as of August 11, 2023. UPS paid a total of 40 million Swiss francs to compensate the Swiss Confederation for creating this agreement.” ( agencies )
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