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Global Litigation House Builds Force To Challenge Credit Suisse AT1 Write-Downs
Tom Burroughes
5 May 2023
A global specialist litigation law firm has said that it has added over 1,000 holders of Additional Tier 1 debt that was issued by , had their holdings written down. The write-down has prompted criticism, as holders of some equities appear to have gained more protection than holders of the ATIs. WealthBriefing has contacted Credit Suisse about the matter. Quinn Emanuel said it is working with the following firms:
On 18 April, Quinn Emanuel challenged moves by FINMA requiring Credit Suisse to write down the AT1 bonds following the acquisition of Credit Suisse by UBS.
-- US – Wollmuth Maher & Deutsch;
-- UK – Keidan Harrison;
-- Singapore – Engelin Teh;
-- Gulf Cooperation Council – Global Advocacy and Legal Counsel; and
-- Switzerland – Geissbühler Weber & Partners.
“These bonds were sold to a large variety of investors, including pension funds but also retail investors given that the Swiss franc instruments in particular had a denomination and minimum trading value of SFr5,000. With this additional group, the number of affected investors exceeds 1,000 and the submission could therefore be the largest collective complaint ever filed in Switzerland,” Professor Thomas Werlen, managing partner of Quinn Emanuel Switzerland, said.