A British law firm is reportedly bringing a case against Switzerland in connection with the writedown of AT1 bonds during the buyout of Credit Suisse by UBS. British-based Holman Fenwick Willan (HFW) wants to drag the Swiss government before the World Bank’s arbitration tribunal to seek compensation for investors from Singapore, China and the Middle East, according to media reports. +Get the most important news from Switzerland in your inbox The lawsuit, reports Swiss portal Finews.ch, quoting a statement by HFW, “will be filed with the Washington-based World Bank’s International Centre for Settlement of Investment Disputes (ICISID)”. The plaintiff is a group of former holders of Credit Suisse AT1 bonds: HFW’s Singapore-based clients held $80 million (CHF64.2 million) of these securities, while Chinese and Middle East-based creditors held another $300 million. According to Finews, this would be the first such action to be heard by the ICISID. The subject of the dispute is thus once ...
