Credit Suisse privately disputed Swiss regulator's AT1 bonds wipe-out - reports

According to a private letter

Credit Suisse privately challenged the Swiss regulator’s basis for writing down $17bn of its AT1 bonds to zero, a private letter seen by the Financial Times shows.

A group of Swiss and international investors representing over CHF 4.5bn ($5bn) of Credit Suisse AT1 bonds sued the Swiss Financial Market Supervisory Authority (FINMA) on 18 April for the wipeout that followed the bank's acquisition by rival UBS in March. Last week, the regulator was forced to hand over the decree it had issued to Credit Suisse on 19 March, after Quinn Emmanuel, the law firm representing the investors, argued they had launched the claim largely in the dark due to the regulator's secrecy on the decree's wording. Credit Suisse AT1 bondholders force Swiss regulator to h...