The state-ordered rescue operation now has a legal aftermath.
(Photo: Reuters)
Zurich Credit Suisse creditors are resisting the compulsory write-down of certain subordinated bonds ordered by the Swiss financial regulator. Law firm Quinn Emanuel has filed an appeal on behalf of investors against a March 19 Finma order writing down the value of so-called AT1 bonds to zero.
In it, the investors call on Finma to withdraw the corresponding decree. Thomas Werlen managing partner of Quinn Emanuel in Switzerland says; “Finma’s decision undermines international trust in the legal certainty and reliability of the Swiss financial center.”
The aim is to correct the decision of the financial regulator. “This is not only in the interest of our customers, but also strengthens Switzerland’s position as an important jurisdiction in the global financial system”. Credit Suisse should therefore revoke the write-off and meet its obligations, such as interest payments, again. Finma declined to comment on individual complaints.
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