Swiss Hit With 120 Lawsuits Over Credit Suisse AT1 Bond Wipeout
- Notional deadline to file claim against Finma has passed
- Thousands of bondholders looking to recoup investments
Trams travel past the Credit Suisse Group AG headquarters in Zurich, Switzerland.
Photographer: Stefan Wermuth/BloombergThis article is for subscribers only.
Six weeks since the deal to rescue Credit Suisse Group AG was rushed through, at least 120 claims have been filed against the Swiss banking watchdog’s decision to wipe out about $18 billion worth of its high-risk bonds as part of the deal.
As of May 2, the claims represent around 1,300 individual bondholders, according to a spokesman for the Swiss Federal Administrative Court. Claimants focused on a notional deadline to file of May 3.