class=”sc-3778e872-0 cKDKQr”>
Bondholders defend themselves against a total default on their subordinate AT1 bonds. A court spokesperson on Thursday said that at the AWP’s request, four complaints regarding the affected CS bonds were received by the Federal Administrative Court on Wednesday, adding “several” more complaints on Thursday (today). As the complaint period continues, new complaints can be added.
The spokesperson said that how many complaints are currently being addressed is still being evaluated. The court did not want to disclose who the plaintiffs were and the size of the bonds affected. The Bloomberg news agency first reported on the matter on Thursday.
CS bondholders are taking action against the actions of the Swiss Financial Market Supervisory Authority (Finma) with their complaints. As part of the urgent takeover of CS by UBS, the subordinate of Additional Tier 1 bonds (AT1) had ordered impairment. As a result, bonds with a total value of approximately CHF 16 billion were declared worthless.
It was already announced over the weekend that the Federal Ministry of Finance (FDF) received two lawsuits from bondholders on the same issue. The FDF did not want to give any details on the content of these ongoing transactions to the Keystone-SDA news agency on Sunday. “SonntagsZeitung” had covered this.
The bondholders are demanding that the federal government be held responsible for losses incurred as part of the ordered takeover of CS. The depreciation of subprime bonds has sparked many protests internationally as well. Investors in the US and Singapore are also considering filing a lawsuit against Swiss authorities, according to media reports.
(SDA)
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.
On the same day of the terrorist attack on the Krokus City Hall in Moscow,…
class="sc-cffd1e67-0 iQNQmc">1/4Residents of Tenerife have had enough of noisy and dirty tourists.It's too loud, the…
class="sc-cffd1e67-0 iQNQmc">1/7Packing his things in Munich in the summer: Thomas Tuchel.After just over a year,…
At least seven people have been killed and 57 injured in severe earthquakes in the…
The American space agency NASA would establish a uniform lunar time on behalf of the…
class="sc-cffd1e67-0 iQNQmc">1/8Bode Obwegeser was surprised by the earthquake while he was sleeping. “It was a…