Credit Suisse AT1 bondholders seek to recover losses from UBS

‘Constructive engagement’ needed

The law firm representing a group of Credit Suisse AT1 bondholders has been instructed to recover their losses from UBS.

Quinn Emanuel Urquhart & Sullivan's teams are in discussion with the Swiss authorities over potential litigation to recoup their clients' investments, after the Swiss regulator wiped out $17bn worth of AT1s to ease the Credit Suisse-UBS merger. Swiss regulator FINMA backed the controversial decision, but the move was softly criticised by both the European Central Bank and Bank of England, which reiterated bondholders should only bear losses once equity holders have been fully wiped out. Credit Suisse takeover sparks calls for legal challenges Thomas Werlen, managing partner of the ...