Credit Suisse: Class action lawsuit includes 1000 former shareholders

Thu, Jul 20th 2023

The fallout from the state-backed shotgun merger of UBS and Credit Suisse continues with a class action lawsuit made up of former CS shareholders.

A man wears a suit with “Liquidate Criminal Suisse + Banksters Assets” at Credit Suisse’s last annual shareholder meeting in April of this year (Keystone SDA).

The legal startup Legalpass announces the participation of more than 1000 CS shareholders in its Swiss class action lawsuit. With the lawsuit, the Lausanne-based company wants to achieve “appropriate compensation” for the forced takeover of the big bank by UBS.

Thanks to the high level of participation, the financing of the class action lawsuit has now been secured ahead of schedule, Legalpass announced on Thursday. The cost for shareholders to participate in the “Credit US” campaign depends on the number of CS shares they hold, but they must pay at least 120 francs.

Due to the “great interest” in the campaign, the company is now extending the participation period originally scheduled for July 20 to August 10. Legalpass co-founder Philippe Grivat is quoted in the statement as saying that numerous inquiries were received during the summer holidays asking for an extension. The lawsuit is also supported by the investment foundation Ethos.

As part of the takeover ordered by the authorities, the shareholders of the defunct Credit Suisse received one UBS share for 22.48 Credit Suisse shares. At the time the transaction was announced on March 19, this corresponded to a purchase price of around CHF 3 billion. On the last trading day before the announcement, however, CS was valued on the stock market at 7 billion, more than twice as high.

This article was reprinted with permission from Keystone SDA.

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Credit Suisse: Class action lawsuit includes 1000 former shareholders

Credit Suisse: Class action lawsuit includes 1000 former shareholders

The fallout from the state-backed shotgun merger of UBS and Credit Suisse continues with a class action lawsuit made up of former CS shareholders.

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