LegalPass, a startup specializing in legal services, launches the first Swiss class action lawsuit for Credit Suisse shareholders.
The Swiss Merger Act provides for an action to «examine the exchange ratio» so that shareholders can demand «appropriate compensation» for their shares, according to a media release on Thursday.
The specifics of the proceedings in the case at hand allow Lausanne-based LegalPass to organize a class action suit, bundling the claims of Credit Suisse shareholders, who have all suffered identical damages, it added.
Open to all Shareholders
Under the name Credit US, the lawsuit is open to all shareholders via the legalpass.ch platform, with participation costing only a few centimes per share. As the volume increases, this percentage decreases, with a minimum contribution of 120 francs.
The aim is to pay shareholders a cash settlement equivalent to the value between the share price set in the merger agreement and the share price set by the court.
