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Credit Suisse Shareholder Lawsuit Rejected: Wrong Court

Credit Suisse Shareholder Lawsuit Rejected: Wrong Court

Fr, Mai 10th 2024

A significant legal claim linked to the Credit Suisse-UBS merger has been dismissed by the Zurich District Court.

KEYSTONE/Martial Trezzini

The Zurich District Court recently dismissed a claim by a former Credit Suisse shareholder, who sought €56 million in compensation related to the Credit Suisse and UBS merger. The court declared itself “not competent” to handle the case.

The plaintiff, holding over 5 million shares in Credit Suisse, argued that the compensation received during the merger—where 22.48 CS shares were exchanged for one UBS share—was insufficient. He demanded a compensation of at least CHF 11.19 per withdrawn share, totaling around CHF 56 million.

The case was initially presented to the District Court of Zurich, which, on Friday, decided not to proceed with the claim, citing jurisdiction issues. The matter falls under the purview of the Commercial Court because it involves the Merger Act.

Currently, around 30 similar cases are pending before the Commercial Court, indicating a broader discontent among former shareholders regarding the merger terms. The plaintiff now faces the decision of either refiling his claim with the appropriate court or appealing against the district court’s decision to dismiss his initial claim.

©Keystone/SDA

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