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Credit Suisse bondholders sue Switzerland in the U.S. over $17 billion writedown of AT1 debt - TL;DR CNBC

Credit Suisse bondholders sue Switzerland in the U.S. over $17 billion writedown of AT1 debt

Publishing timestamp: 2024-06-07 03:23:32


Summary

Credit Suisse bondholders are suing the Swiss government for writing down the bank's AT1 debt to zero during an emergency sale to UBS. The move angered bondholders and was seen as violating property rights. Bondholders are seeking full compensation through a lawsuit filed in the U.S. District Court for Southern District of New York.


Sentiment: NEGATIVE

Tickers: UBS

Keywords: switzerland governmentbanksbondsubs group agbusiness newslawsswitzerland

Source: https://www.cnbc.com/2024/06/07/credit-suisse-bondholders-sue-switzerland-over-17-billion-at1-wipeout.html


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