Withers to Initiate CS AT1 Proceedings for Asian Investors
The Swiss court decision that ruled the Credit Suisse AT1 write-down as unlawful has opened the floodgates. The latest move is from law firm Withers, which is acting on behalf of investors in Asia.
Withers will commence legal proceedings against Switzerland over the March 2023 write-down of Additional Tier-1 (AT1) bonds issued by Credit Suisse, according to a statement.
The firm will issue formal trigger letters on behalf of Hong Kong bondholders after doing the same for Singapore investors. The proceedings will be jointly led by partners Robert Kovacs in London and Pardeep Khosa in Singapore.
Omni Bridgeway
In addition, Withers said it is in advanced discussions with legal finance provider Omni Bridgeway and that it is «confident of finalizing funding arrangements imminently to support the proceedings». Meanwhile, the law firm continues to receive approaches from investors across Asia.
«Momentum is accelerating across Asia as we bring together contingents of Credit Suisse bondholders to pursue their treaty-based rights,” said Kovacs. «We have made substantial progress towards commencing proceedings against Switzerland and are encouraged by the high level of engagement from investors in Hong Kong and Singapore.»
«Our focus is on ensuring affected investors have access to an independent, international platform to seek redress. With funding arrangements progressing positively and strong regional participation, we are well-placed to move forward swiftly,» added Khosa.
