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Swiss Court Rules $20 Billion Credit Suisse Bond Write-Off Unlawful
22 Articles
22 Articles
Bond write-off in Credit Suisse rescue unlawful
The Swiss authorities' 2023 decision to write off 16.5 billion Swiss francs ($20.53 billion) in Credit Suisse bonds was unlawful, a court said today, raising fresh questions about how the bank's rescue and subsequent takeover by UBS was handled.
The billions write-off of CS bonds in the emergency rescue of Credit Suisse had no legal basis. The court cancels the order of the Financial Market Supervisory Authority (Finma) in a procedure.
Credit Suisse AT1 Writedown Revoked in Partial Win for Investors
A Swiss court has breathed fresh life into a lawsuit filed by investors in Credit Suisse Group AG bonds seeking damages after their investments were wiped out when UBS Group AG rescued the bank in a government-brokered deal.
According to the court, the depreciation of AT1 capital instruments by the Finma has no legal basis.
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