A shareholder of the former Credit Suisse was dissatisfied with his compensation and demanded a settlement payment from UBS in district court. Here's why the court didn't even consider the complaint.
According to the merger agreement, 22.48 Credit Suisse shares were exchanged for one UBS share. However, one shareholder believed this to be insufficient and filed a lawsuit in the Zurich District Court seeking an increase in the compensation for former Credit Suisse shareholders who exited.
The plaintiff claimed to have held 5,027,521 shares of the former Swiss major bank. He demanded a minimum of 11.19 Swiss francs per withdrawn share as compensation. In his case, the total amount would amount to 56 million Swiss francs.
Matter for the Commercial Court
The court concluded that it was not competent to handle this lawsuit. "It therefore remains the case that the Commercial Court is mandatorily competent for review claims based on the Merger Act," the court stated in its decision. Accordingly, it did not consider the complaint due to lack of jurisdiction.
Furthermore, it criticized the plaintiff for not conclusively quantifying his claim. He also failed to explain why it would be impossible or at least unreasonable for him to do so for objective reasons.
The decision is final and can be appealed to the Zurich High Court.
