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Agence France-Presse

Hundreds of small shareholders in Credit Suisse will file a legal suit over the bank’s forced rescue merger with UBS to obtain compensation for their losses, The Financial Times newspaper reported on Sunday.
The complaint will be filed on Monday in Zurich, Arik Roschke of the Swiss shareholders’ defence association (SASV) told the AWP news agency, confirming the report.
Around 1,000 shareholders have joined the complaint by becoming SASV members, he said.
Swiss officials, afraid that Credit Suisse could collapse with possibly catastrophic consequences for the global financial system, arranged a rushed marriage in March with UBS, the nation’s largest bank.
Credit Suisse to make 80 bankers redundant in its Hong Kong office
Credit Suisse shareholders felt burned by the merger terms, which valued the bank’s equity capital at roughly three billion Swiss francs (US$3.2 billion).
That valuation, decided during a weekend of frantic negotiations, was much less than the seven billion francs just days before the deal was announced.
A similar class action suit is being prepared by the legal startup LegalPass, which said in July that it had raised enough funds from hundreds of Credit Suisse shareholders to proceed with the complaint.
In July, Switzerland’s parliament began an inquiry into the bank’s government-orchestrated takeover.


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Business

Banking & Finance

The complaint will be filed on Monday in Zurich, Arik Roschke of the Swiss shareholders’ defence association (SASV) said
Around 1,000 small shareholders have joined the complaint by becoming SASV members, Roschke said


The complaint will be filed on Monday in Zurich, Arik Roschke of the Swiss shareholders’ defence association (SASV) said. Around 1,000 small shareholders have joined the complaint by becoming SASV members, he said.


Switzerland

Central banks

Credit Suisse shareholders to file lawsuit over UBS merger

The complaint will be filed on Monday in Zurich, Arik Roschke of the Swiss shareholders’ defence association (SASV) said Around 1,000 small shareholders have joined the complaint by becoming SASV members, Roschke said

The complaint will be filed on Monday in Zurich, Arik Roschke of the Swiss shareholders’ defence association (SASV) said

Around 1,000 small shareholders have joined the complaint by becoming SASV members, Roschke said