Legal Complaint Filed Over Swiss Delay in CS AT1 Case
A law firm has filed a complaint over the long time taken by the Swiss court in addressing claims on the write-down of Credit Suisse’s Additional Tier 1 bonds.
A law firm has filed a complaint with the Swiss Federal Supreme Court over a delay by a tribunal in dealing with investor claims on the write-down of 16 billion Swiss francs ($20 billion) of Credit Suisse AT1 bonds during the government-brokered UBS rescue, according to a «Reuters» report citing a legal filing.
There have been no «discernible activities» by the Federal Administrative Court other than administrative clarifications made between the second half of 2023 and the spring of 2024, the filing said.
«The proceedings are particularly challenging due to their scope, the high number of parties and the complexity of the legal issues involved, and entail many procedural steps. This is a multi-party procedure, whereby it must also be ensured that all complainants or their legal representatives are granted the right to be heard. We treat the proceedings as a priority,» said a representative for Switzerland's Federal Administrative Court in St. Gallen.
Based on a separate anonymous source, the firm is believed to be Zurich-based grosz I poledna, acting for Pallas, the law firm representing the investors.
