Private investors prepare legal claims worth hundreds of millions of pounds over savings lost during UBS’ bailout of Credit Suisse
Private investors are preparing legal claims worth hundreds of millions of pounds over lost savings during UBS’ bailout of Credit Suisse.
The demise of the Swiss lender two months ago has led to lawsuits from its bondholders who were left with nothing after the bailout.
Investor anger has been fueled by the decision by Switzerland’s financial market regulator (Finma) to wipe out £14bn worth of bonds as part of the bailout.
Claims: Credit Suisse’s demise two months ago led to lawsuits from its bondholders left with nothing left after the shutdown
Powerful international funds have filed claims against Finma, joined by smaller investors seeking damages from UBS and Credit Suisse.
City attorneys at Pallas are representing up to 1,000 private investors in anticipated lawsuits against Credit Suisse, Finma and UBS.
Pallas’s Natasha Harrison said, “We have investors who cut off the phone because their savings are gone.”
Credit Suisse, Finma and UBS have been contacted for comment.