Investors based in Japan look to follow other jurisdictions in taking legal steps related to the Credit Suisse write-down of AT1 bonds.
Potential claimants will soon file a request for arbitration related to the bonds, which were wiped out as part of the UBS's federally mandated rescue of Credit Suisse in March, the «NikkeiAsia» English service reported (paywall, registration required).
The key difference in their case in comparison to other plaintiffs who have filed lawsuits is that they intend to make the argument that writing off the debt violated an economic partnership between Japan and Switzerland, the news service maintained.
According to them, Japanese law firm Masuda & Partners has started to prepare the claim against the Swiss government on behalf of investors located in the country and that is collaborating with Singaporean law firm Drew & Napier, the activities of which finews.asia recently reported on.
Going Multilateral
Another important difference compared to the other lawsuits, should the information prove true, is that the claims will be filed to the World Bank's International Centre for Settlement of Investment Disputes or the United Nations Commission on International Trade Law and not with the Swiss legal system.
«NikkeiAsia» maintained that dozens of bondholders could join the claim and that this would be the first public instance of a Japanese law office taking action on behalf of domestic investors in connection with Credit Suisse bonds.
