Credit Suisse Bondholders Sue Swiss Government Seek Full Compensation Over $17 Billion Debt Write-Down from school girl 17 Watch Video
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⏲ Duration: 0:40 👁 View: 450K times ✓ Published: 08-Jun-2024
Description: A group of Credit Suisse bondholders have filed a lawsuit against the Swiss government seeking full compensation over the decision to write down $17 billion of the bank's Additional Tier 1 debt. The AT1 debt write-down occurred as part of Credit Suisse's emergency sale to UBS last year, which was orchestrated by Swiss authorities. Swiss regulator Finma wiped out the $17 billion in AT1 bonds, writing them down to zero, while common shareholders received payouts. The bondholders argue this decision violated the usual European hierarchy of restitution for bank failures and unjustly violated their property rights.