2023-09-15 17:25:25
Zurich (awp) – Switzerland risks finding itself in the dock in the United States in the context of the forced takeover of Credit Suisse by UBS and in particular the cancellation of AT1 convertible loans, the Financial Times newspaper reported on Friday.
The expropriation complaint is currently being prepared on behalf of a group of international investors by the law firm Quinn Emanuel, the British daily continued, citing anonymous sources close to the matter. The case might be filed by the end of the year and the plaintiffs might demand compensation for the loss suffered.
Contacted by the AWP agency, the Federal Department of Finance (FDF) did not wish to comment on this information.
Numerous complaints have been filed with the Federal Administrative Court of St. Gallen to challenge the decision taken in March by the Financial Market Supervisory Authority (Finma) to declare the AT1 convertible loans of the bank with two veils worthless for a amounting to approximately 16 billion Swiss francs.
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