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The Federal Administrative Court cancels a procedure regarding the urgent acquisition of Credit Suisse. This emerges from a media statement made on Tuesday evening.
About the author of AT1 bonds with a total value of CS of 16 billion francs. The financial market supervisory authority (Finma) had instructed the bank to completely write off and delete AT1 bonds on March 19, when UBS took over.
The current judgment is not about the copycat as a whole – it is only about the so-called “Contingent Capital Awards” (CCA) subfield. This is a special bonus structure for CS management employees. They are only paid after a blocking period of a few years and are tied to AT1 bonds.
Credit Suisse Group defended itself against the AT1 bond writer and took the view that CCA was unaffected by Finma’s mandate. These would not be given by him. Rather, they would be rewarded by other group companies as part of their wages to their employees. According to a press release, Finma refuted this view with an order dated March 22.
As a result, CS Group applied for injunctive legal protection. The Federal Administrative Court has determined that an appeal against the Finma decree is a condition for granting temporary legal protection. But on May 9, CSG said it had decided not to appeal to the court. The cases that were initiated earlier thus became invalid and will be set aside as the court has announced.
It is unclear why CS decided to withdraw his application. While this procedure has now been overturned, the fight to clear AT1 bonds is not over yet: 230 complaints have been filed with the court so far. These include about 2500 complainants. All of these cases are pending. It is clear when they will decide. (SDA/sfa)
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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