AllianceBernstein set to sue Switzerland over $17bn Credit Suisse debt wipeout- reports

Seeking $225m in damages

AllianceBernstein, a US-based asset manager, is set to sue Switzerland for $225m over the decision to wipe out $17bn of debt after the Swiss government greenlit the UBS takeover of Credit Suisse last year.

According to reports from the FT, the case is being brought by firm Quinn Emanuel Urquhart & Sullivan, who is representing Credit Suisse bondholders.  With more than $800bn assets under management, AllianceBernstein marks the first large asset manager to join the claim and is aiming for $225m worth of damages from the Swiss government, people familiar with the matter told the FT.  UBS seals £8bn deal with Swiss government to cover Credit Suisse losses The law firm is set to argue that the Swiss state brokered the deal that saw Credit Suisse subsumed last year and this was an unlawf...