Credit Suisse: the hunt for 16 billion convertible bonds has begun

A group of holders of so-called “AT1” bonds from Credit Suisse has mandated the major American law firm Quinn Emanuel Urquhart & Sullivan to hold discussions with the Swiss authorities, and possibly legal action, we learned. this Monday. Objective: to recover money invested in these particular debt securities, also called CoCo (for “Contingent Convertible”). From 16 billion francs, their value was reduced to zero, on the instructions of Finma, during takeover of Credit Suisse by UBS, announced on March 19. What strategies can complainants use? What are their chances of success?