Some holders of Credit Suisse’s AT1 bonds from Singapore are seeking to sue the Swiss government regarding unique protections they should have received regarding the historic write-off. BT reports that a group of 30 investors are in talks with law firms WilmerHale and Engelin Teh Practice that the FINMA’s decision to write-off CS’s bonds breached their rights protected under the Singapore-European Free Trade Association (EFTA). As part of the $17bn write-off of Credit Suisse’s bonds to zero, its SGD-denominated S$750 5.625% Perps were also affected. As per WilmerHale partner Jonathan Lim, Singapore-based investors have certain unique protections that require “fair and equitable” treatment of foreign investors.
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