Law firm Quinn Emanuel is representing a group of bond investors seeking to potentially sue Switzerland in US courts over Credit Suisse’s AT1 bond write-down.
A group of international investors are making plans to potentially sue Switzerland over the Credit Suisse AT1 wipeout ordered by the government, according to a «Financial Times» report citing unnamed sources. The lawsuit aims to seek compensation for the «destruction of property rights».
The group is being represented by Quinn Emanuel and the lawsuit could be filed by the end of the year, though it is not certain to proceed. The plans involve suing in the US where lawyers believe there is a greater chance of waiving Switzerland’s sovereign immunity rights.
Separately, Quinn Emanuel also launched a Swiss lawsuit against regulator Financial Market Supervisory Authority (Finma) in April over its write-down decision, which was enabled by an emergency law introduced by the government in March. The US lawsuit against the Swiss government will not include the same claims made by plaintiffs in the Finma case, the report added.
