UBS to Appeal Court Ruling on Credit Suisse AT1 Bonds
The partial ruling by the Swiss Federal Administrative Court on October 13, 2025, called into question the legal basis for declaring Credit Suisse’s AT1 bonds worthless. After Switzerland’s financial regulator Finma filed an appeal, UBS has now announced it will do the same.
UBS said, in conjunction with the release of its third-quarter 2025 results, that it intends to appeal the partial ruling of the Federal Administrative Court in the AT1 litigation.
The bank explained that this step is being taken «to ensure that our view of the relevant facts related to the acquisition is taken into account by the court.» UBS also stated that the appeal is necessary to «safeguard the credibility of AT1 instruments given the key role they play in the resolution and recovery of banks.»
Central Element of Rescue Package
UBS emphasized that the write-down of Credit Suisse’s AT1 instruments was a central element of the rescue package, stating: «UBS is of the view that the write-down was consistent with the contractual terms of the AT1 instruments and applicable law, and that Finma’s decision was lawful.»
The bank also referred to the findings of the Parliamentary Inquiry Commission (PUK), which concluded that Credit Suisse would have been insolvent without the rescue package and unable to continue operating on Monday, March 20, 2023.
Insufficient Decision
The Federal Administrative Court had ruled in October that the legal basis for Finma’s decision to render Credit Suisse’s AT1 bonds worthless was insufficient. Finma has already appealed the decision to the Federal Supreme Court, and UBS will now follow suit.
UBS has published an FAQ page addressing questions on the AT1 issue. You can access it here.
