US court dismisses Credit Suisse lawsuit against Switzerland
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US court dismisses Credit Suisse lawsuit against Switzerland
A United States court says Switzerland is not liable for losses incurred by creditors in connection with so-called AT1 bonds in the takeover of Credit Suisse by UBS.
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This was decided by a US District Court in New York. The Swiss Federal Department of Finance (FDF) announced the judgement on Wednesday.
The court in New York ruled that the Swiss Confederation was not subject to its jurisdiction in this matter due to sovereign immunity.
+ How AT1 bond “rip-off” could cost Swiss taxpayer
In a civil action, a group of international investors had demanded $370 million. The background to this is that the Swiss Financial Market Supervisory Authority (FINMA) had ordered the AT1 bonds to be written down to zero in March 2023.
The investors now have 30 days to appeal the judgement to the competent court of appeal.
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Switzerland faces fresh AT1 bond case after Credit Suisse collapse
Translated from German by DeepL/mga
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