2023-05-19 18:58:43
Attacking a decision is easier when you have the document that legitimized it. This is now the case for Credit Suisse investors, who went to federal court to challenge the cancellation of certain bonds when the bank was taken over by UBS on March 19. These plaintiffs oppose Finma’s decision to order Credit Suisse to zero the value of convertible debt securities, known as CoCos or AT1s. More than 16 billion francs had thus evaporated. Until recent days, Finma had not made its decision public. The Administrative Court of St. Gallen ordered him to do so last week.
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#Credit #Suisse #stage #victory #AT1 #bondholders
