Retail investors prepare legal claims worth hundreds of millions of pounds over bond losses during Credit Suisse’s rescue takeover by UBS
Retail investors are preparing legal claims worth hundreds of millions of pounds over savings lost during Credit Suisse’s rescue takeover by UBS.
The Swiss lender’s demise two months ago has sparked lawsuits from its bondholders who were left with nothing after the emergency tie-up.
Investors’ anger has been fuelled by the Swiss Financial Market Supervisory Authority’s (Finma) decision to wipe out £14 billion of bonds as part of the rescue.
Claims: Credit Suisse’s demise two months ago has sparked lawsuits from its bondholders who were left with nothing after the emergency tie-up
Powerful global funds have filed claims against Finma and been joined by smaller investors demanding damages from UBS and Credit Suisse.
City lawyers at Pallas represent up to 1,000 retail investors in anticipated litigation against Credit Suisse, Finma and UBS.
Natasha Harrison, of Pallas said: ‘We have investors in tears down the phone because their life savings are gone.’
Credit Suisse, Finma and UBS were contacted for comment.
