, Columnist
Fine Print Is Never Clear. Just Ask Credit Suisse Bondholders
The prospectus language for the risky bonds being written down in Credit Suisse’s rescue is imprecise. That provides ammunition for legal challenges.
Credit Suisse.
Photographer: FABRICE COFFRINI/AFPThis article is for subscribers only.
Didn’t they read the small print? That’s the jeering accusation made against holders of Credit Suisse Group AG’s additional tier-1 bonds who face 16 billion Swiss francs ($17 billion) of losses in the bank’s forced takeover by UBS Group AG.
Critics say the bond prospectus states a wipe-out was a risk. True. But investors may still be able to argue the warning wasn’t so clear.