This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
More details have emerged on the lawsuits filed by Credit Suisse’s AT1 bondholders against the Swiss regulator FINMA. Pallas Partners, a law firm had filed a suit in a Swiss court on April 18 – they said that FINMA had no right to order the write-down and are seeking full compensation for their clients holding $1.7bn of Credit Suisee’s AT1s. This includes 90 institutional investors and asset managers holding $1.35bn and 700 retail and family office clients holding about $300mn of CS’s AT1s. Besides, Quinn Emmanuel, a US law firm filed a claim in a Swiss court in April on behalf of over 400 institutional investors holding about $4.5bn worth of CS’s AT1s.
Looking at the above, investors holding more about 36% of CS’s AT1s have filed claims to get their monies back, given that the write-off was for ~$17bn of its notes. CS’s AT1s are currently trading at ~3-5 cents on the dollar.
For more details, click here