Withers is currently supporting over 200 Singapore investors for claims linked to Credit Suisse's Additional Tier 1 bond write-down, the law firm’s partner Shaun Leong told finews.asia.
Global law firm Withers is currently providing its services to more than 200 Singapore clients for claims related to the Credit Suisse AT1 write-down, according to Shaun Leong, a partner in the city-state. The estimated value of their exposure to the bonds could exceed S$200 million ($148 million).
«We are leading Singapore’s reportedly largest contingent of affected investors with over 200 funds, business owners, founders, family offices, and accredited investors joining us,» Leong said in an interview with finews.asia.
«If we apply a nuanced assessment […] based on the redemption mechanics of the financial product, the losses suffered could be substantial».
Japan, Indonesia
Outside of Singapore, Withers is also supporting AT1 bond investors elsewhere in Asia, including Indonesia as well as Japan where the nominal value of investments is likely to be over $100 million, largely from institutional investors.
As a result, a team has been formed to assist clients in the region. In addition to Leong, Withers’ team includes Koji Yamamoto in Tokyo, Yutaka Sakashita as Singapore’s Japan desk head and Joel Shen as the lead for the Indonesia practice. The team is also supported by international investment arbitration specialist Emma Lindsay and US disputes divisional lead Christopher LaVigne.
«We are working concurrently to be of service to affected investors across Asia Pacific […] and stand ready to support our clients wherever they may be in the world,» Leong said, adding that the firm is taking a compensation-focused legal approach centered on rights under international investment law.
