Lawsuits have built up over the decision to render Credit Suisse AT1 bonds worthless
ZURICH: Switzerland’s justice authorities said Tuesday that 230 complaints had been filed over a decision by financial regulators to cut the value of high-risk Credit Suisse bonds to zero, to facilitate the stricken bank’s takeover by UBS.
Switzerland’s biggest bank bought out its rival for US$3.25 billion on March 19, under strong pressure from the regulators FINMA, the government and the central bank, to prevent Credit Suisse from collapsing.
FINMA required that 16 billion Swiss francs ($17.9 billion) of so-called additional tier 1 (AT1) bonds be rendered worthless in the mega-merger.
The order infuriated bondholders, who are typically better…
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