Credit Suisse’s bondholders have forced Switzerland’s financial regulator to divulge the decree that wiped out their investments, handing them an early victory in the legal battle to overturn the controversial writedown.
Investors representing at least $4.5bn of wiped-out Credit Suisse additional tier 1 bonds filed a lawsuit against Finma last month. The suit accuses Switzerland’s banking regulator of having acted unconstitutionally when it ordered the bank to cancel the $17bn of AT1 bonds as a part of its shotgun marriage to UBS two months ago.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased