Lawyers from Switzerland, the United States and UK are talking to a number of Credit Suisse (CSGN.S) Additional Tier 1 (AT1) bond holders about possible legal action after the state-backed rescue of Credit Suisse by UBS (UBSG.S) wiped out AT1 bonds, law firm Quinn Emanuel Urquhart & Sullivan said on Monday.
Quinn Emanuel said it was in discussions with Credit Suisse AT1 bondholders representing a “significant percentage” of the total notional value the instruments. Quinn Emanuel did not name the bondholders.
Source : Credit Suisse AT1 Bond holders Possibly Pursuing Legal Action, Says Law Firm