18 Sep 2023

Credit Suisse bond investors plot lawsuit against Switzerland

A group of international bond investors is drawing up plans to sue Switzerland in the US courts for expropriation over the losses they suffered after the state-orchestrated rescue of Credit Suisse. The case is being brought together by law firm Quinn Emanuel, according to people familiar with the matter. Quinn Emanuel is already suing Switzerland’s financial regulator, Finma, over its decision to wipe out $17bn of Credit Suisse bonds when the bank was taken over by UBS six months ago. Lawyers at Quinn Emanuel are laying the groundwork to sue Switzerland in the US, where they believe there is a greater chance of convincing a judge to waive the country’s sovereign immunity rights. The suit could be filed by the end of the year, though it is not certain to proceed, according to people involved in the discussions.


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