Credit Suisse’s second-largest shareholder is considering a lawsuit over the bank's sale to UBS.
Qatar's sovereign wealth fund is looking into whether it can make a claim against Switzerland for losses resulting from UBS’s forced takeover of Credit Suisse, as «Reuters» reports citing people familiar. Shareholders of neither bank were given the chance to vote on the takeover of Credit Suisse by UBS which was sealed on March 19.
The fund, whose stake in the bank dates back to 2008, is set to lose around $330 million on its equity stake in Credit Suisse as a result of the sale to UBS, the report said.
Six Months Arbitration
Should the Qataris decide to go ahead with the lawsuit, they would have to file a Notice of Dispute with the Swiss government, according to the agreement signed between the Swiss Federal Council and the State of Qatar. The parties then have six months to settle the claim «amicably.»
If no agreement is reached at the end of this period, the dispute can be referred to the International Centre for Settlement of Investment Disputes (ICSID) which deals with disputes between international investors and states.
