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The death of Credit Suisse (CS) is costly. For the Swiss financial centre, for the major shareholders in Saudi Arabia and Qatar, but also for the many small shareholders in Switzerland.
One of them is Blick reader and retired Bruno G.* (75) from Basel. The longtime CS shareholder lost more than 50,000 francs when UBS suddenly took over CS. He had no say – as the Federal Council enforced the emergency law, shareholders like G. could not comment on the deal.
G. is angry with those responsible in CS on the one hand, and the government on the other, which he believes has provided “vague” information. The retiree describes the procedure as a “big mess” and “true expropriation”. “Everything sucks,” he tells Blick.
CS shares quickly sold out after UBS deal
G. is particularly uncomfortable with the communication of those responsible, which ultimately cost him money. He discussed at a Sunday night press conference a week ago and whether CS shares could still be traded the day after the UBS acquisition. Finma director Marlene Amstad (54) did not want or could not respond to this at the press conference.
“This is why I sold my shares Monday morning for just over 70 cents so I can buy anything,” says the retiree. Spicy: UBS pays CS shareholders 76 cents per share in UBS stock. However, Credit Suisse share price briefly dropped below 70 cents on Monday morning. “If it had been communicated more clearly, I would have kept my shares and would not have rushed to sell them,” says G.
Small Swiss shareholders want to sue – but can they?
He received his invitation to the CS General Assembly on Friday. Now he threw them on waste paper. The pensioner does not yet know whether he will file a lawsuit. Perhaps he will join Perica Grasarevic, a junior shareholder and attorney who wants to support shareholders willing to sue for free and has already activated the notrecht.com platform.
The interest is huge and exceeds all expectations, so Grasarevic on Twitter. “We received over 300 requests per hour at peak times.” It is unlikely that there will be anything to gain for small shareholders in Switzerland. Unlike the US, class action lawsuits are not available in Switzerland.
G. has little hope: “An individual case in Switzerland is difficult and takes time and money.”
*Name changed
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.
