Small Investors to Sue UBS Over Takeover on Monday
Published: Sunday, Aug 13th 2023, 14:00
Updated At: Friday, Oct 13th 2023, 14:12
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On Monday, small shareholders are planning to file a lawsuit against the takeover of Credit Suisse. Arik Röschke from the Swiss Investor Protection Association (SASV) confirmed this on Sunday, following a report from the Financial Times. The lawsuit will be filed with the Commercial Court in Zurich by a group of almost 1000 people, mainly private investors from Switzerland, who have joined the SASV. The lawsuit is also supported by the investment foundation Ethos, which has reported the participation of more than 1000 Credit Suisse shareholders in their Swiss collective lawsuit. In addition, numerous complaints have been filed with the Federal Administrative Court in St. Gallen in connection with the devaluation of the so-called AT1 bonds of Credit Suisse. In March of this year, the Financial Market Supervisory Authority (Finma) ordered the complete cancellation of the AT1 bonds, worth a total of around 16 billion Swiss francs, as part of the emergency takeover of CS by UBS.nnnnnnnn
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