AT1 Lawsuits: US Appeals Court Upholds «Swiss Sovereign Immunity»
5 Articles
5 Articles
A court in New York has dismissed an appeal by CS bondholders against a judgment of first instance.
Switzerland has decided for itself a round in a US legal dispute in the context of the Credit Suisse emergency takeover.
AT1 Lawsuits: US Appeals Court Upholds «Swiss Sovereign Immunity»
The US Court of Appeals has confirmed that Switzerland acted in its sovereign capacity when it ordered the write-down of Credit Suisse's AT1 bonds during the emergency takeover by UBS. As a result, the appeal against the lower court's ruling has been dismissed.
The U.S. Court of Appeal confirms that Switzerland acted as a "state authority" when declaring the AT1 loans worthless when the CS was taken over as an emergency. Thus, the civil action against the judgment of the first instance was dismissed.
Switzerland has decided for itself a round in a US legal dispute over the depreciation of AT1 bonds as part of the Credit Suisse emergency takeover.
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