Legacy legal costs could stretch state support for UBS

Downside protection of Sfr9 billion must cover numerous outstanding claims against Credit Suisse

Copyright UBS

With no explicit carve-out for legacy legal claims, UBS could potentially burn through the downside protection granted by the Swiss government against losses resulting from its emergency takeover of Credit Suisse last month, legal experts are warning.

The Swiss government agreed to provide up to Sfr9 billion in protection against losses on “non-core assets” – after UBS takes a first loss of Sfr5 billion – in addition to unlocking extra capital of almost Sfr16 billion ($17.8 billion) by bailing

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