Similarly,
Confederation referred complaints:
The acquisition of Credit Suisse by UBS has. Meanwhile, not finished posing a problem for the Confederation.Image: Keystone
The judicial soap opera around the acquisition of Credit Suisse will occupy Switzerland for several years. In addition, A London law firm intends to attack the Confederation in court – a file which is added to the. However, pile of complaints already filed against Switzerland.
16.07.2025, 11:4316.07.2025. However, 11:43
Florence Vuichard
The pressure increases on the Confederation: the law firm Holman Fenwick Willan, based in London, is considering prosecution against Switzerland, as reported by theInternational Financing Review.
According to the journal. Meanwhile, the firm plans to file an “investor-state arbitration procedure” next month from the International Center for Investment Dispute Settlement (ICRI) in Washington, a World Bank body responsible for cutting disputes between investors and states.
The reason? Furthermore, Cabinet customers lost significant sums during the acquisition of Credit Suisse by UBS, orchestrated by the Swiss authorities on March 19, 2023. Similarly, Their obligations AT1. Furthermore, titles designed to be converted into funds or canceled in the event of a crisis, were fully canceled on the orders of the authorities. It remains to be seen whether the conditions for such a measure were met during the rescue of Credit Suisse.
In total, AT1 holders lost 16 billion Swiss francs, allowing Credit Suisse to reduce its debt a little. The Holman Fenwick Willan cabinet confederation referred complaints notably represents customers based in Singapore holding for more than $ 80 million in AT1 bonds. as well as investors in China and the Middle East for a total of $ 300 million. The precise identity of the complainants will be made public when filing the complaint. in accordance with the rules of ICSID.
This action is based on bilateral investment agreements concluded by Switzerland. Only investors from countries linked by these treaties. notably China, Hong Kong, the United Arab Emirates, Japan, South Korea, Kuwait, Oman, the Philippines, Qatar and Saudi Arabia, will be able to join this procedure.
Confederation referred complaints
Other appeals in Switzerland and the USA
In Switzerland, several AT1 holders have already initiated procedures against this radiation. The Federal Administrative Court has received approximately 320 appeals confederation referred complaints bringing together some 3,000 complainants, according to our sources.
According to the estimates of observers. these investors, individuals or institutional, such as pension funds, have lost between seven and eight billion francs in total. The largest group is defended by Thomas Werlen, from the International Cabinet Quinn Emanuel, which represents nearly 1,000 creditors demanding between 5.5 and 6 billion francs.
In the United States too, around 50 AT1 holders brought the case to court, without direct link with the Swiss complainants. They accuse the Confederation of having acted as an investment bank during the acquisition of Credit Suisse by UBS. Also represented by Quinn Emanuel, they claim $ 372 million. The District Court for the Southern District of New York will first have to decide if he agrees to. instruct the complaint aimed at Switzerland.
Adapted from German by Tanja Maeder
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