A law firm representing dozens of Credit Suisse bondholders in Singapore is reportedly in talks to launch another lawsuit against the Swiss government over the Additional Tier-1 wipeout.
WongPartnership is in talks with more than 40 holders of Credit Suisse’s AT1 bonds to launch a lawsuit against the Swiss government, according to a «Business Times» report.
WongPartnership partner Koh Swee Yen said that the law firm will pursue an «investor treaty case», arguing that the AT1 wipeout breached protections afforded to Singapore investors under the European Free Trade Association between the city-state and a group of other countries that includes Switzerland, Iceland, Liechtenstein and Norway.
The majority of the investors – mostly Singapore-incorporated family offices and accredited investors who are Singaporeans or permanent residents – bought the bonds after being introduced to them by various private bankers, Koh said.
Third Party Funding
The group, made up of potential clients that are mostly Singapore-incorporated family offices and accredited investors who are Singaporeans or permanent residents, is currently seeking third party financing for the case.
Koh said there are some interested parties, though none have officially committed, and funding is expected to be finalized in the next few months.
WongPartnership’s move marks yet another Singapore legal action against Switzerland over the AT1 wipeout. For example, law firm Withers is reportedly seeking to represent close to 100 investors with an aggregated claim sum of up to S$100 million ($74 million).
