Investor plaintiffs against UBS/CS merger want to cooperate more closely
Published: Tuesday, May 28th 2024, 18:10
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The various plaintiff groups of investors against the UBS/CS merger before the Commercial Court of Zurich apparently want to work more closely together. The Swiss Investor Protection Association (SASV) has announced that it will now actively cooperate with Legalpass and other plaintiffs against UBS.
Specifically, this cooperation includes, for example, the validation of arguments, fact-checking and the search for and exchange of legal opinions, writes the SASV in an information to the participants in the lawsuit, which is available to the news agency AWP. At the same time, however, the participants in the lawsuit organized by the SASV remain independent and retain the freedom to accept or reject a possible settlement agreement, it continues.
The proceedings before the Zurich Commercial Court will not enter the next round until the end of August. According to the SASV, it has until then to submit a reply to UBS's response, as the association announced in March. In mid-February, the Commercial Court of Zurich consolidated all the lawsuits filed by investors into a single proceeding.
Purchase price of 3 billion
According to previous information, SASV is representing around 1,500 small CS shareholders with its lawsuit. For its part, the legal startup Legalpass represents more than 3,000 shareholders. With their "class actions", they want to achieve better compensation for the CS shares sold to UBS.
As part of the takeover, Credit Suisse shareholders received 1 UBS share for 22.48 Credit Suisse shares. At the time the transaction was announced on March 19, 2023, this corresponded to a purchase price of around CHF 3 billion for Credit Suisse as a whole. However, on the last trading day before the announcement, CS was valued at CHF 7 billion on the stock market, which was more than twice as high.
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