A group of Japanese investors has taken legal action against the Swiss government following the write-down of bonds issued by Credit Suisse, which was acquired by competitor UBS. This is only the first wave of legal action, according to their law firm. The 184 investors have filed a request for arbitration with the International Centre for Settlement of Investment Disputes (ICSID), as announced on Thursday by their law firm, Drew & Napier. They accuse the Swiss government of violating the free trade agreement between the two countries by ordering the write-down of more than CHF16.5 billion worth of AT1 bonds when Credit Suisse was rescued in March 2023. +Get the most important news from Switzerland in your inbox The investors claim to have been treated unfairly and arbitrarily, and to have suffered de facto expropriation. "The plaintiffs hold bonds worth more than $138 million," the Singapore law firm told new agency AWP. When contacted, the Swiss government had no immediate reaction.
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