UBS and the legal labyrinth of Credit Suisse’s AT1 debt
Court cancellation of Finma’s 2023 writedown could leave Swiss banking giant on the hook for billions in liabilities – or not
A Swiss court’s decision to revoke a regulatory order for Credit Suisse to write down capital instruments ahead of its forced marriage to UBS in March 2023 opens avenues to compensation for bondholders of the failed bank, according to lawyers and bankers. Executives and shareholders at UBS will want to know how much the bank may have to pay out.
In a worst-case scenario, the bank could face a bill
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