Skip to Content

Credit Suisse investors sue after facing billions in losses


Associated Press

LONDON (AP) — A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. Lawyers said Friday that the investors are contesting an order by the Swiss Financial Market Supervisory Authority that wiped out about $17 billion in higher-risk Credit Suisse bonds as part of an emergency rescue last month. The deal prevented the downfall of Switzerland’s second-largest bank after its stock plunged and customers rushed to pull out their money. Regulators have defended their decision, saying contracts for those higher-risk bonds show that they can be written down in a “viability event.” The investors suing hold about $5 billion in those bonds.

Article Topic Follows: AP National

Jump to comments ↓

Author Profile Photo

Associated Press


KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content