Swiss investors push for UBS to settle over Credit Suisse bond write-off

Swiss bondholders are exploring ways to push for a settlement with UBS, after a court ruled that the CHF16.5 billion ($20.8 billion) write-off of Credit Suisse bonds during the bank’s 2023 rescue by its rival lacked a legal basis. The Swiss Federal Administrative Court delivered a surprise ruling last month that market regulator FINMA’s order to write off the additional tier 1 bonds lacked a sufficient legal basis. FINMA and UBS are both appealing against the decision, which will now go to the Federal Court. The appeals process and subsequent proceedings could take years, and the court’s decision will not be enforced while an appeal is pending. Altana Wealth, a large holder of Credit Suisse AT1s which is part of a group led by law firm Pallas Partners that is challenging FINMA’s 2023 write-off, said it thought settlement with UBS and FINMA was now a “likely outcome”. “Our belief is both sides are incentivised to settle before that final decision [by the Federal Court],” said Lee ... Full story here Are you the author? Previous post See more for 3.) Swissinfo Business and Economy Next post
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