Sun, Feb 18th 2024
Investors unite in a significant legal push against UBS, aiming for fair compensation after the CS takeover. Over 30 lawsuits merge in Zurich, spotlighting global proceedings.
The lawsuits filed by investors against UBS due to the financial conditions of the CS takeover will be consolidated into a single proceeding at the Zurich Commercial Court. According to the Swiss Investor Protection Association (SASV), this concerns more than 30 lawsuits.
UBS must also inform the court of all other proceedings with a similar legal basis that have been opened against UBS worldwide, according to an information letter on Saturday, which was made available to the news agency AWP. The Commercial Court has set the big bank a deadline of 20 days to do so, according to the information letter from the weekend.
UBS’s response has now been delivered to the Commercial Court and forwarded to the parties to the lawsuit. It comprises 150 pages plus extensive annexes, wrote SASV. At the end of last year, UBS’s lawyers had received an extension of several weeks from the court to submit the response.
According to previous information, the Investor Protection Association represents around 1,500 small CS shareholders with its lawsuit. Other plaintiffs include the legal startup Legalpass, which claims to represent more than 3,000 shareholders. With their “class actions,” they want to achieve better compensation for the CS shares sold to UBS.
The shareholders of the defunct Credit Suisse received 1 UBS share for 22.48 Credit Suisse shares as part of the takeover of the significant bank ordered by the Swiss authorities. When 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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