(Reuters) – Hundreds of lawsuits have been filed over the terms of the emergency deal to save Credit Suisse by selling it to Swiss banking rival UBS, a Swiss court has said.
The 3 billion Swiss franc ($3.35 billion) rescue, hammered out over a March weekend amid turmoil in the global banking sector, upended a long-established practice of giving bondholders priority over shareholders in a debt recovery.
Around 16 billion Swiss francs of Additional Tier 1 (AT1) Credit Suisse debt was written down to zero in a move that shocked markets.
Law firms including Quinn Emanuel Urquhart & Sullivan and Pallas Partners have filed claims on behalf of investors.
Here is a snapshot of legal action, by jurisdiction.
SWITZERLAND
UNITED STATES
SINGAPORE
($1 = 0.8960 Swiss francs)
(Reporting by Kirstin Ridley in London, John Revill in Zurich and Jonathan Stempel in New York; Editing by Josie Kao, Bernadette Baum and Alexander Smith)
