A statement has been released this afternoon as follows, regarding potential legal action by holders of Credit Suisse’s AT1 capital instruments following the announcement of the merger between UBS and Credit Suisse over the weekend:
“Since the news broke late on Sunday evening, global litigation firm Quinn Emanuel Urquhart & Sullivan has put together a multi-jurisdictional team of lawyers from Switzerland, the US and the UK. That team are already in discussions with a number of holders of Credit Suisse’s AT1 capital instruments, representing a significant percentage of the total notional value of AT1 instruments issued by Credit Suisse, about the possible legal actions that may be available to them in light of the announcement of the merger between UBS and Credit Suisse. A call for bondholders is likely to be convened to take place on Wednesday, 22 March, at which representatives from Quinn Emanuel’s Zurich, New York and London offices will talk through the potential avenues of redress which bondholders should be considering.”
Quinn Emanuel’s work for the Credit Suisse bondholder group comes in the wake of its instruction, by an ad hoc group of bondholders, to pursue various litigations arising out of the resolution of Spanish bank Banco Popular, which was resolved in 2017 and sold to Banco Santander for €1, with all AT1 and T2 capital instruments being written down to zero as part of that deal.
Anyone interested in joining the call referred to above should contact London Senior Partner Richard East, at firstname.lastname@example.org, Switzerland Managing Partner Thomas Werlen (email@example.com), or London Partners Khaled Khatoun (firstname.lastname@example.org) and Leo Kitchen (email@example.com).