The legal machinery is starting to warm up around the complete write-off of Credit Suisse's mandatory convertible bonds. One renowned law firm is already representing over 1,000 AT1 investors.
The law firm Quinn Emanuel Urquhart & Sullivan has added more complainants to its class actions against the Swiss Financial Market Supervisory Authority (Finma), according to a media release Thursday.
It now represents more than 1,000 AT1 investors in the complaint against Finma's decision to fully write off Credit Suisse's contingent convertible AT1 bonds as part of its emergency takeover by UBS.
International Cooperation
Quinn Emanuel has joined forces with five law firms representing investors with smaller bond holdings in the US, the UK, Singapore, the Gulf Cooperation Council, and Switzerland.
The lawsuit follows an April 18 challenge by Quinn Emanuel to Finma's order requiring Credit Suisse to write down AT1 bonds following its acquisition by UBS.
The bondholders hold about one-third of the total nominal value of Credit Suisse's AT1 bonds. Quinn Emanuel is working with Wollmuth Maher & Deutsch (USA), Keidan Harrison (UK), Engelin Teh (Singapore), Global Advocacy & Legal Counsel (Middle East), and Geissbuehler Weber & Partners (Switzerland).
Singapore Suit
As finews.asia reported yesterday, citing Bloomberg, a Swiss legal claim was filed on Wednesday by Singapore-based lawyer Mahesh Rai for the Drew & Napier law firm in the name of 60 investors in the city-state.
He told the news agency there appear to be about 100 investors in Singapore and the Philippines that have expressed interest in taking legal steps but that have not done so as of yet.
A spokesperson for Switzerland’s Federal Department of Finance declined to comment on any potential lawsuits while saying that investors are free to take legal action.
