A Japanese law firm is the latest to take aim at Swiss authorities over the decision to write down the value of AT1 bonds as part of the UBS takeover of Credit Suisse.
This content was published on
2 minutes
Keystone-SDA/dos
Español
es
Los acreedores japoneses impugnan la rebaja de valor del AT1 de Credit Suisse
The NZZ am Sonntag newspaper reportsExternal link that law firm Masuda & Partners is gathering Japan-based holders of Additional Tier 1 (AT1) bonds to submit an application for international arbitration.
The firm wants to register all those keen to participate by the end of May, the newspaper writes.
Lawyers apparently want to base their case on a violation of an investment protection agreement between Switzerland and Japan.
Such international agreements are intended to offer foreigners legal protection for direct investments in the other country. In a dispute, investors could complain directly to an international arbitration board, writes the NZZ am Sonntag.
The paper says the majority of foreign creditors whose home country has concluded an investment protection agreement with Switzerland are likely to take part in such a case, as well as lodging a direct complaint against Swiss financial market supervisor FINMA.
CHF16 billion francs suddenly worthless
As part of the takeover of Credit Suisse by UBS, ordered by authorities on March 19, CHF16 billion ($17.8 billion) in Additional Tier 1 (AT1) bonds were declared worthless.
Numerous law firms have since announced that they are challenging this. Complaints on behalf of more than 1,000 bondholders against FINMA have already been filed to the Federal Administrative Court in St Gallen.
More
More
Credit Suisse AT1 bondholders who lost $1.7 billion in UBS deal file lawsuits
This content was published on
Hundreds more bondholders have sued Switzerland’s banking regulator after their securities were wiped out during April’s emergency UBS.
Historic WTO fisheries agreement enters into force
This content was published on
The agreement to eliminate fisheries subsidies, concluded at the World Trade Organization (WTO) ministerial in Geneva in 2022, has entered into force.
US says Switzerland can order fewer fighter jets amid cost hike
This content was published on
According to the American authorities, a possible reduction in the number of F-35 fighter jets ordered by Switzerland is possible to cushion the unexpected cost increase.
On wolves, ‘priority should be given to scare shots’, says expert
This content was published on
Wolf expert Jean-Marc Landry believes that Swiss Environment Minister Albert Rösti's decision to rely entirely on shooting is short-sighted.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.