Court rejects Credit Suisse shareholder compensation claim
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Court rejects Credit Suisse shareholder compensation claim
The Federal Supreme Court has dismissed a couple's claim that misinformation from the Swiss state caused them to lose money on Credit Suisse shares.
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Before the collapse of Credit Suisse, the couple had bought 38,000 shares in the bank, relying on the reassuring words of the Federal Council a few days earlier.
Following the public hearing, the Federal Court announced the judgement orally on Friday afternoon. The presiding judge made it clear that the decision only applied to this one case.
+ Where did it all go wrong for Credit Suisse?
The couple had claimed compensation of CHF54,601 plus interest from the Confederation for the loss in value of their Credit Suisse shares. On 10, 13 and 15 March 2023, the plaintiffs had purchased a total of 38,000 securities worth CHF84,636.
They claimed that they had invested after the Federal Council claimed at the beginning of March that the bank was well capitalised.
The day after the takeover of Credit Suisse by UBS was announced on 19 March, the two investors sold their shares for CHF30,187. From their point of view, the Confederation is responsible for the loss they suffered in this transaction.
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Translated from German by DeepL/mga
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