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In a few days, UBS will announce what it plans to do with Credit Suisse. This will be made public later.
There is little clarity among the many investors caught unprepared for the merger. This has already led to several lawsuits. Now there’s another one in the room, in Switzerland.
The Swiss Investors Protection Association (SASV) decided to coordinate a lawsuit under Article 105 of the Merger Act “due to numerous investigations”. This article states: “If the rights of participation or membership in the merger (…) are not adequately protected or compensation is not sufficient, each partner (…) may request the court to determine an adequate compensation payment.”
According to SASV Secretary General Arik Roeschke (38), a revision of the exchange rate should be requested: “The aim is to receive a cash compensation payment to Credit Suisse shareholders corresponding to the value between the share price and the share price determined by the merger agreement. the share price determined by the court.» According to SASV, Credit Suisse’s market cap was CHF 7 billion at the close of the last trading day before it was taken over by UBS. On March 19, 2023, the takeover price was announced as just CHF 3 billion.
To open the case, SASV is collaborating with lawyer Tobias Aggteleky from Zurich law firm Niedermann Rechtsanwälte. The Merger Law provides for a period of two months from the publication of the merger decision. This was published in the Official Trade Journal of 14 June 2023. Since the deadline for filing a lawsuit is August 14, 2023, the lawsuit must be filed by this date.
Interested parties can participate in the SASV case until 4 August 2023. The only condition: the co-plaintiff must own a stake in Credit Suisse on 19 March 2023, that is, on the date of the merger decision. Litigation costs are borne by the participants in proportion and include only attorney’s fees.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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