CS Plaintiffs Achieve Stage Success
The lawsuits filed by former Credit Suisse shareholders are primarily concerned with the value of the shares held at the time. The Zurich Commercial Court has now reached a decision that UBS has long been resisting.
Last week, the Commercial Court of Zurich ordered a court expert opinion to be obtained on the value of Credit Suisse (CS) as of 2023 March 19. The lawyer, Perica Grasarevic, wrote this in a post on Linkedin on Monday.
The value is to be determined on the basis of going concern values, the statement continues. The court has proposed two independent co-appraisers for this purpose. The names of these experts are not being disclosed, as objections could still be raised against the proposed persons.
Documents Requested
UBS has also been obliged to submit extensive documents relating to its internal and external assessment of CS prior to the emergency merger. This also includes documents provided by Morgan Stanley and Rothschild for their so-called «Fairness Opinions».
The decision represents an important interim success for the plaintiff side, Grasarevic continues. Together with Gordon Mickel, he launched the website «notrecht.com» in March 2023, through which aggrieved shareholders can join a lawsuit.
UBS Strategy Not Convincing
«It is particularly noteworthy that the court clearly signaled its decision by ordering an expert opinion: UBS's strategy of setting the value of Credit Suisse at zero across the board as of the reporting date was not convincing,» the post continues.
The Swiss Investor Protection Association and the Lausanne-based company Legalpass have also filed a lawsuit against the CS valuation. A representative of Legalpass confirmed Grasarevic's statements to finews.asia. UBS has not yet responded to an inquiry.
UBS took over the major bank for around 3 billion Swiss francs ($3.7 billion) in a transaction ordered by emergency law. The CS shares were valued at 0.76 francs and payment was made in the form of UBS shares.
