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Bond Market News
Credit Suisse’s US Bondholders Sue Switzerland over AT1 Wipeout
June 7, 2024
More than 100 claims have been filed by holders of Credit Suisse’s written-down AT1s challenging the complete writedown. The lawsuit seeks more than $82mn plus interest. This comes on the back of the bank’s common stockholders getting paid billions of francs when Credit Suisse was sold to UBS although they are supposed to absorb losses first under the capital structure rankings. Lawyers at Quinn Emanuel Urquhart & Sullivan, representing the bondholders, said that it was an “unlawful encroachment on plaintiffs’ property rights”. Despite the filing, BI’s litigation analyst said that holders would most likely face headwinds and that the Swiss government will also likely have sovereign immunity and non-conveniens arguments.
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