Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday.
Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a "significant percentage" of the total notional value the instruments. Quinn Emanuel did not name the bondholders., while shareholders, who usually rank below bondholders in terms of who gets paid when a bank or company collapses, will receive $3.23 billion.
Funds managed by Lazard Freres Gestion, PIMCO and GAM Investments were among the most exposed as of end-February to Credit Suisse AT1 debt in terms of portfolio weighting, leaving them potentially vulnerable to losses from the bond write-off, based on Morningstar data seen by Reuters. PIMCO did not immediately respond to a request for comment when asked about the AT1 holding and also the potential legal action.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Norway's Oil Fund Has Roughly 1.49% Stake in Credit Suisse, No AT1 Bond ExposureBy Dominic Chopping Norway's sovereign wealth fund had a 1.49% stake in Credit Suisse Group AG at the end of 2022 and a 3.31% stake in UBS Group AG, holdings...
Les mer »
Musk responds to $100B credit line in $2B UBS-Credit Suisse deal: 'Wow'Twitter CEO Elon Musk responded to the news that UBS would get a $100 billion credit line in the buyout of Credit Suisse for $2 billion, with one word: wow.
Les mer »
UBS closing in on deal to buy fellow Swiss bank Credit SuisseSwiss bank UBS Group is closing in on a deal to take over its rival Credit Suisse amid a weekend of frenzied negotiations, according to multiple reports.
Les mer »
Switzerland preparing emergency measures for UBS' takeover of Credit Suisse: ReportAccording to a March 18 Financial Times report citing three people familiar with the situation, Switzerland is preparing to use 'emergency measures' to accelerate UBS' takeover of Credit Suisse before 'markets open on Monday.'
Les mer »
UBS closing in on deal to take over struggling Credit Suisse bank: reportThe Wall Street Journal reported Saturday that UBS is nearing a deal to acquire Credit Suisse in a deal to save the bank amid a global banking crisis.
Les mer »
Crunch time for Credit Suisse talks as UBS seeks Swiss assurances By Reuters*CRUNCH TIME FOR CREDIT SUISSE AS UBS AND SWISS REGULATORS RUSH TO SEAL TAKEOVER DEAL AS SOON AS SUNDAY: REPORTS
Les mer »