Credit Suisse bondholders sue Switzerland in the U.S. over $17 billion writedown of AT1 debt
UBSUBS(UBS) CNBC·2024-06-07 15:23

A group of Credit Suisse bondholders filed a lawsuit against the Swiss government, seeking full compensation over the contentious decision to write down the failed bank's Additional Tier 1 (AT1) debt. As part of Credit Suisse's emergency sale to UBS last year, which was orchestrated by the Swiss government, Swiss regulator Finma wiped out roughly $17 billion of the bank's AT1s, writing them down to to zero. The bank's common shareholders received payouts when the sale was completed. The move angered bondhol ...