The holders of Credit Suisse’s wiped-out AT1 bonds in Asia join a growing number of investors taking legal steps contesting the move by the Swiss regulator.
It now appears that Credit Suisse’s AT1 bondholders in Asia will also be filing a lawsuit against the Swiss Financial Market Supervisory Authority (Finma), according to a Bloomberg news report (paywall) published online on Thursday.
The news agency indicated that the legal claim was filed in Switzerland on Wednesday, 3 May 2023, citing Mahesh Rai, a Singapore-based lawyer for Drew & Napier LLC.
Bloomberg indicated Rai was acting in the name of more than 60 investors and that it was the first known tangible step by purportedly wealthy investors in the region although he declined to specify the losses involved.
More Interest
Rai additionally told the news agency that there appear to be about 100 investors in Singapore and the Philippines who have expressed interest to Drew & Napier in taking legal steps, but that none have yet been taken.
As finews.com previously reported, investors in Europe and the US are taking steps to recover damages from the Swiss authorities sustained from the write-offs.
A spokesperson for Switzerland’s Federal Department of Finance declined to comment on any potential lawsuits while saying that investors are free to take legal action.
