Swiss court registers 150 lawsuits against FINMA over Credit Suisse AT1 wipe-out

Between 2000 and 2500 appellants

The Swiss regulator FINMA has been hit by 150 lawsuits over its decision to wipe out $17bn of Credit Suisse additional tier one (AT1) bonds in March as part of the takeover deal of the bank by rival UBS.

A spokesperson for the Swiss Federal Administrative Court told Investment Week it had registered around 150 appeals, which represent between 2000 and 2500 individual appellants as of yesterday evening (4 May). They declined to make any further comment.  The AT1 bonds were issued by Credit Suisse as part of its capital structure to meet regulatory capital requirements. FINMA's decision on 19 March angered bondholders, given unsecured bondholders traditionally rank above equity holders in the capital structure. Credit Suisse AT1 bond investors sue Swiss regulator Investors have criti...