Reported 6 months ago
A group of Credit Suisse Group AG bond investors are suing Switzerland in a New York federal court seeking over $82 million plus interest after their investments were wiped out in a Swiss government-brokered deal with UBS Group AG. The lawsuit aims to leverage a more sympathetic legal setting and a broader scope for evidence discovery. The investors argue that Switzerland's decision to write down the value of the AT1 bonds to zero was an unlawful violation of their property rights, leading them to challenge the move in various jurisdictions including the US and Europe.
Source: YAHOO