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In an information letter sent to the AWP news agency on Saturday, it was stated that UBS should also inform the court about all other cases with a similar legal basis filed against UBS worldwide. According to the information letter from the weekend, the commercial court gave the big bank 20 days to do so.
UBS’s response to the case was notified to the commercial court and was forwarded to the parties of the case. SASV wrote that it contains 150 pages plus extensive appendices. At the end of last year, UBS lawyers received a several-week extension from the court to respond to the lawsuit.
Better compensation as a goal
According to previous information, the investor protection association represents approximately 1,500 small CS shareholders in the lawsuit. Other plaintiffs include legal start-up Legalpass, which claims to represent more than 3,000 shareholders. They want to get better compensation for the CS shares sold to UBS through the “class lawsuits” they filed.
As part of the takeover of the major bank on the instructions of Swiss authorities, shareholders of the dissolved Credit Suisse received 1 UBS share in exchange for 22.48 Credit Suisse shares. At the time the transaction was announced on March 19, 2023, this corresponded to a purchase price of approximately 3 billion francs for the entire Credit Suisse. But on the last trading day before the announcement, CS’s value was more than twice as high on the stock exchange, at 7 billion francs. (SDA/smt)
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.
