Prof. Dr. Thomas Werlen

Selected Recent Public Matters:

Litigation:

• Group of AT1 bondholders of Credit Suisse –  We represent over 1,000 Credit Suisse AT1 bonds in the largest case ever brought before the Swiss Federal Administrative Court. The dispute was triggered by the write-down of these bonds as ordered by the Swiss financial-market regulator FINMA on March 19, 2023, in the context of the takeover of Credit Suisse by UBS. In terms of nominal value, we represent more than a third of the total CHF 16 billion affected by the write-down. This includes the largest holders, such as international hedge funds, as well as pension funds. Additionally, we represent hundreds of retail investors from various jurisdictions.
• Alberto Safra – We represented Alberto Safra in an inheritance matter before Swiss courts and related proceedings in the U.S. The case also involved other jurisdictions and arbitration proceedings. It concerned Alberto Safra’s share of the estate of the late Joseph Yacoub Safra, who left behind a fortune estimated to be over USD 22 billion.
• Viasat Broadband Inc. – We represented U.S. satellite company Viasat in a strategically crucial dispute with a joint-venture partner. The dispute concerned the abuse of a 51% stake in a Swiss joint-venture, operating an internet satellite and carrying on a broadband internet business. Our representation involved a series of legal actions, including proceedings before Swiss and U.S. courts as well as two LCIA arbitrations seated in London. 
• Salt Mobile S.A. – Lead counsel representing Salt Mobile SA (Salt) in a USD 7.4 billion takeover battle against Sunrise Communications AG (Sunrise) and Liberty Global Plc (Liberty Globalin the Swiss telecom sector.
• Lonza - Representing Lonza in various international patent and competition law cases, as well as in a AAA arbitration seated in New York against one of its customers.
• Lion Point Capital – We represent Lion Point Capital in a dispute in connection with a claim arising from of one of the largest insolvencies in Switzerland. The claims asserted by our clients relate to liability of auditors on connection with the protraction of the insolvency.
• Wolfgang Beltracchi – Representing the artist Wolfgang Beltracchi (formerly known as the “art forger of the century“) in a contracts and IP dispute with a financier.
• SIG Combibloc – We represent SIG Combibloc Systems GmbH, a German subsidiary of Swiss packaging industry giant SIG Combibloc Group AG, in defending against damages claims exceeding EUR 200 million brought by Algerian-based company RC Industries in the courts of Algiers.
• SIKA AG – Representing the majority shareholder of Sika AG in various matters in connection with the multibillion Sika/Saint-Gobain dispute dubbed the bitterest takeover battle in Europe. This includes advice on disputes with the management of Sika AG; defending a director appointed by the client against director’s duty claims by the Bill and Melinda Gates Foundation Trust and Cascade Investments; as well as a special audit procedure that minority shareholders of Sika AG initiated.
• Romanello – Representing this investment company in a complex financial dispute against a German financier involving several European and global jurisdictions including the UK, Luxembourg, Germany, Monaco and Switzerland.
• MSI – Representing a U.S. based engineering company in connection with alleged fraud against Dmitry Rybolovlev, a wealthy businessman in both civil and criminal proceedings in Switzerland. In the same context, coordinating enforcement actions against the opposing side across various jurisdictions.
• Swatch – Representing Swatch in multiple US patent infringement cases.

White-Collar matters and investigations:

• FIFA – Lead counsel to the Federation Internationale de Football Association (FIFA) in connection with investigations by the U.S. Department of Justice and Swiss law enforcement authorities of alleged bribery and corruption in international football world.
• Vitaly Malkin/ Top Matrix Holdings Ltd. – We act for the investment vehicle of Vitaly Malkin in a case following substantial losses incurred as a result of a large scale fraud over a period of ten years and the counterparts failure to detect and stop this fraud.
• EFG International – Lead counsel to one of Switzerland’s largest private banks in DOJ's investigation of tax evasion by US taxpayers using the Swiss banking industry. EFG was one of over 100 Swiss banks that participated in the DOJ Swiss program for resolving disputes with DOJ, and the bank obtained a non prosecution agreement and one of the most favorable settlements in the program. Also representing EFG in connection with a complex regulatory and contractual dispute involving a USD 200m loan to an insurance company.
• Ruvercap Allgemeine Verbriefungsgesellschaft S.A. through its compartment 35 (“AGV35”) – AGV35, a Luxembourg based securitization company, retained QE to investigate one of the biggest investor fraud cases in Switzerland ever, implicating funds of up to EUR 500 million. In one instance AGV35 raised over EUR 80 million to onlend it to the Swiss-Serbian Batagon group, a conglomerate active in various business areas, including laundry and home care, beauty care or adhesives technologies, to finance its factoring and lending business operations.
• Aabar Investments Group – Representing our client as a victim and private claimant in a criminal proceeding in Switzerland. In the proceeding, the Swiss Office of the Attorney General has indicted a Swiss bank and the bank’s previous CEO. The allegations concern criminal money laundering.
• Finacor – Representing this broker dealer in connection with its participation in the U.S. Department of Justice’s Tax Program for Swiss banks.
• Schaffhauser Kantonalbank – Representing this cantonal bank in connection with its participation in the U.S. Department of Justice’s Tax Program for Swiss banks.

Sports matters:

• TEAM Football Marketing AG – Advising TEAM Football Marketing AG, the promoter of the world’s most prestigious club football event, the Union of European Football Associations (UEFA) Champions League, in connection with certain corporate governance and potential litigation matters, including matters in relation to their agreements with UEFA.
• Fédération Internationale de Hockey (FIH) – Represented the Lausanne based Fédération Internationale de Hockey (FIH), the world’s governing body for field hockey, in a high stakes copyright issue.
• Asia League Ltd. – Representing the Hong Kong based Asia League Ltd. in a number of disputes and negotiations with regard to “East Asia Super League”, the first integrated international basketball “Champions League” across Asia, including with FIBA, the International Basketball Federation.
• FC Basel 1893 – Representing Switzerland’s Super League football club FC Basel 1893 with strategic advice on all kinds of high stakes matters.
• Fédération Internationale de Hockey (FIH) – Representing the Swiss based governing body of field hockey, in resolving a high stakes copyright issue.
• Hertha BSC – Being a member of the Aufsichtsrat of the German Bundesliga football club Hertha BSC.
• TEAM Marketing – Representing the promoter of the world’s most prestigious club football event, the Union of European Football Associations (UEFA) Champions League, in connection with corporate governance and potential litigation matters.
• World Boxing Super Series – Representing a Swiss-based organizer of a boxing tournament in connection with disputes with respect to key contractual obligation arising from agreements to host high-profile boxing fights.

Selected Recent Confidential Matters:

Litigation:

• Representing family members of an Indian UHNWI in a dispute on the fair allocation of the family fortune.
• Representing a leading German gas trading company, with respect to the enforcement of multi-billion EUR judgments against its supplier in various European jurisdictions including Switzerland.
• Representing a Swiss-based financial company in connection with sanctions imposed by the U.S. Department of Treasury, Office of Foreign Assets Control (“"OFAC”").
• Representing family members of a top Saudi Arabian business in a cross border dispute, including settlement discussion, relating to a trust structure. The trust holds billions in assets.
• Representing an iron ore pellet exporter in a multi jurisdictional claim against the Russian Federation arising out of the armed conflict with Ukraine.
• Representing a Swedish billionaire in relation to a tax claim by the Swedish tax authorities (which is considered to be the largest tax dispute ever in Sweden.)
• Representing heirs of a Saudi UHNWI and its Company in an action against a Swiss private bank. The dispute concerns losses of investment portfolios managed by the bank.
• Representing an exiled Russian entrepreneur regarding the unfreezing of his accounts in Liechtenstein, which were imposed by the Russian government.
• Providing strategic advice and representation to the Dutch entity of a European private banking group in connection with a class action type mass litigation.
• Representing a former Soviet Republic and its state-owned mining company seeking damages for illicit mining activities in a litigation before Swiss courts against a Swiss watch manufacturer as well as a UHNWI.
• Representing a German private bank against a Swiss private bank, in a dispute in connection with cum-ex-deals and the claw-back of payments made in this context. The background of this dispute is one of the largest financial scandals in German history. The cum-ex deals involve illicit tax refunds which may have cost the German State up to €12 billion over the years.
• Representing a Dutch-based telecommunication company which is mainly active in the Balkans, in a lawsuit brought by its competitor before the Zurich Commercial Court, as one of the (potentially) relevant affiliates of a Zurich-based company. The lawsuit is an unfair competition action under Serbian law.
• Representing a Swiss-based investor against one of the world’s largest business aviation operator and its controlling shareholder in connection with a minority investment.
• Representing the former Chief Medical Officer of a Swiss-based healthcare firm in relation to a high-stakes employment dispute.
• Representing a UHNWI against a Swiss bank out of an advisory contract
• Representing a litigation funder in a prospectus liability action on behalf of a large number of damaged bond holders.
• Representing a long-standing client in a shareholder dispute regarding a joint venture with a Scandinavian television and multimedia company.
• Representing a U.S.- and Switzerland based Investment Fund with respect to appraisal litigation against a leading Swiss electricity company.
• Representing a Swiss client in connection with investments made in one of the leading Middle Eastern private equity firms.
• Representing a New York based hedge fund in a dispute against a Big Four company in connection with auditing issues leading to the insolvency of a large Swiss-based company.
• Representing a global food company in a contractual dispute with a Swiss-based vanilla trading company.
• Advising a Swiss-based global travel company in a matter involving one of the group’s subsidiaries in a high-stakes dispute with a foreign regulator.
• Representing a Swiss manufacturer before the OFAC in connection with planned business contacts with a legal entity in Iran.
• Advising a Swiss UHNWI in connection with the recovery of certain artworks.
• Representing an international media company in a multi-jurisdictional insider trading investigation in Switzerland and Germany.
• Representing one of the heirs of a well-known scientist against the other heirs in connection with obtaining a fair share of the inheritance in various jurisdictions.
• Acting as sole arbitrator in a cross-border financial transaction dispute under the Swiss Rules of International Arbitration.
• Representing a group of three ultra-high-net-worth individuals from the Gulf region in negotiations with one of the largest Swiss-domiciled banking groups.
• Conducted risk assessments for Swiss banks in relation to their conduct and businesses with U.S. clients.
• Served as expert for a multinational pharmaceutical company in a successful multi-billion dollar international arbitration concerning a license agreement dispute.
• Representing a bank in a dispute out of the OSLA with another bank.
• Representing a large multinational company in recouping assets held with financial institutions in Switzerland.
• Representing a group of shipping companies in the context of a regulatory banking investigation, including administrative proceedings.
• Representing one of the world’s most prominent luxury and jewelry companies in a potential patent infringement case.
• Involved as expert in a case before the Swiss Supreme Court involving a large industrial company in a case of mis-selling of financial products.
• Involved as expert for the interpretation of the ISDA Master Agreement in connection with the insolvency of a financial institution.

White-Collar matters and investigations:

We advise a major Swiss commodities trading firm, the world’s second-biggest metals trader and third-largest independent oil trader, in connection with allegations that a former executive, in connection with an indictment brought against it by the Swiss Office of the Attorney General for allegations of bribery of foreign public officials. This is the first time  the Swiss Federal Criminal Court will consider the criminal liability of a company for bribery of foreign public officials.

• Represented one of Switzerland’s leading digital banks in connection with enforcement proceedings conducted by the Swiss Financial Market Supervisory Authority (FINMA).
• Advising several investors in the supply chain funds operated by Credit Suisse and Greensill.
• Representing a state-controlled gold mining company in a case related to the illegal extraction of gold from territory formerly occupied by Armenia. Our work concerns both criminal as well as civil litigation aspects.
• Representing clients affected by the so-called Ruvercap scandal, an investment scheme in which investors lost several hundred million Swiss francs in funds marketed as factoring financing investments to investors.
• Representing the Swiss regulator in connection with a regulatory investigation of a Swiss bank.
• Representing a financial services provider in connection with the blocking of his accounts by a Swiss bank located in Zurich, both in legal proceedings as well as in negotiations with authorities.
• Representing a Luxembourg-based securitization company in connection with an investigation into a potentially fraudulent investment scheme in one of its compartments.
• Representing an Investment Company - a sovereign wealth fund from Abu Dhabi - in connection with Swiss company law/corporate governance issues and a regulatory investigation against one of its subsidiaries in Switzerland.
• Representing a global oil trading company in various matters, including a criminal investigation by the Swiss Federal Office of the Attorney General; a criminal investigation of the Geneva state prosecutor’s office against another trading company following a civil complaint filed against several trading companies in the US on behalf of PDVSA, the Venezuelan state-owned oil and natural gas company; and a criminal investigation against a former employee who was found guilty of bribery.
• Representing a global food company as a victim of criminal acts by a Swiss-based trading company.
• Representing a Swiss bank in connection with an internal investigation into certain bank clients implicated in parallel SEC and Greek investigations into alleged FCPA violations by Novartis and certain former employees of Novartis and in connection with two requests for banking records made by beneficial owners of two closed bank accounts that have been mentioned in the “Panama Papers”.
• Representing a Salvadoran UHNWI in connection with investigations in the U.S. and in Switzerland.
• Representing a Swiss-Turkish entrepreneur in Swiss criminal proceedings for alleged embezzlement and forgery.
• Representing a multinational company in connection with an alleged violation of the FCPA.
• Involved in FX, LIBOR and CDS manipulation-related assessment of claims across the U.S. and Europe.

Sports matters:

• Representing a major European broadcaster in a dispute with European football leagues over potential compensation for a reduced value of its rights due to the COVID-19 related suspension of the leagues in spring 2020.
• Representing a Swiss-based non-profit organization who represents the interest of the sporting goods industry, in a highly confidential potential dismissal of one of its top executives.
• Representing the organizer of a 3x3 Basketball tournament as part of the FIBA 3x3 Basketball World Tour in the negotiations for obtaining recognition from FIBA.
• Representing a UK-based business man in a fierce dispute with his former partners in a venture for developing the social media app.
• Representing a Formula E driver to fend off allegations for commission payments in relation to his team transfer.
• Representing a Swiss manufacturer of innovative sports clothing in a complex employment related dispute against former executives.
• Representing a sports management company in all aspects relating to its activities in motorsports (including Formula 1 and Formula E) and sports in general, and in particular in bidding for a team entry in the Formula 1 Championship and in the transfers and management of a driver engaged in both Formula 1 and Formula E.
• Representing a car racing team in Formula 2 and Formula 3, with various legal matters, including a dispute on damages following a crash of one of its drivers and in enforcing overdue debts against former and current “Paydriver” in several jurisdictions.
• Representing a government entity in a highly confidential matter related to the IOC Olympic Charter and on strategic and legal issues relating to international and domestic sports policy.
• Represented an international online ticket marketplace company as global counsel in connection with regulatory, civil and criminal proceedings.

• Lender Liability & Other Banking Financial Institution Litigation
• Domestic U.S. Arbitration
• Health Care Litigation
• Life Sciences Litigation
• Patent Litigation
• Product Liability & Mass Torts Litigation
• Securities Litigation
• Structured Finance & Derivatives Litigation
• Transnational Litigation
• Investigations, Government Enforcement & White Collar Criminal Defense Practice
• Crisis Law & Strategy Group
• Life Science: Mass Torts and Product Liability Litigation
• Sports Litigation
• Mergers & Acquisitions Litigation
• Section 1782
• Russia Disputes Practice
• Accounting & Financial Reporting Litigation
• Wills, Estates and Trusts Disputes

• University of St. Gallen
  (Prof., 2019)
  
• University of St. Gallen
  (PD, 2012)
  
• Harvard Law School
  (LL.M., 1995)
  
• University of Zurich
  (Dr. iur., 1994; Lic. iur., 1989)

• The State Bar of New York (since 1997)
• The Zurich Bar (since 1991)

• German
• English
• French
• Italian
• Spanish

• Novartis:
  • Group General Counsel, 2006–2011
  • Member, Executive Committee, 2007–2011
    
• Allen & Overy:
  • Partner, 2001–2005
    
• Davis Polk & Wardwell LLP:
  • Senior Associate, 2000–2001
    
• Cravath, Swaine & Moore LLP:
  • Senior Associate, 1999–2000 (London office)
  • Associate, 1995–1999 (New York office)
    
• Former Co-Director of the EMBL Program at the University of St. Gallen, (from June 2017 until 2019)
  
• Former Co-Chair, Banking Law Committee, IBA
  
• Former Co-Chair, Capital Markets Forum, IBA
  
• Former Member of Editorial Board, Butterworths Journal of International Banking and Finance Law
  
• Former Member, Regulatory Board of the SIX Swiss Exchange AG (2008 – 2012)

• 2023–2024: Ranked by Lawdragon 500 Leading Global Litigators 
• 2024–2025: Ranked by The Best Lawyers for Litigation in Switzerland
• 2024: Ranked by Legal 500 EMEA – Switzerland – Dispute Resolution: Litigation, Practice Head
  • “Thomas Werlen has masterfully led on a very challenging case.”
  • “Providing a ‘polished’ full-service offering, Quinn Emanuel Urquhart & Sullivan (Schweiz) GmbH routinely represents Swiss and international clients in a multitude of fields, including financial services, telecoms and media, and pharma and life sciences. Managing partner and financial expert Thomas Werlen.”
• 2024: Ranked by Legal 500 EMEA – Switzerland – Dispute Resolution: Arbitration, Other Key Lawyers
  • “Thomas Werlen was the lead partner for our matter who oversaw and handled the whole matter for us. His legal expertise, strategic mind, commitment, professionality and responsiveness is second to none. He is always on top of the matter, even if it is a complex with many workstreams.”
• 2023-2024: Ranked by Chambers Europe Litigation, Band 4; Sport, Band 3; White-Collar Crime, Band 3
  • “He’s a very bright lawyer, good client manager, very thoughtful and strong on managing external local counsel.”
  • “He’s very knowledgeable and can give advice on critical parts.”
  • “Thomas Werlen is super strategic, has an outstanding knowledge of the industry and is extremely responsive.”
  • “He’s a very bright lawyer, good client manager, very thoughtful and strong on managing external local counsel.”
  • “He’s very knowledgeable and can give advice on critical parts.”
• 2024: Ranked by Chambers Global – Switzerland - Litigation Band 4
  • “He’s a very bright lawyer, good client manager, very thoughtful and strong on managing external local counsel.”
  • “He’s very knowledgeable and can give advice on critical parts.”
• 2023: Ranked by Leaders League 2023 as Highly Recommended for Commercial Litigation, Labor Litigation, Investigations & Compliance, White Collar Crime, and Banking & Finance Litigation.
• 2023: Ranked by Chambers Global for Litigation in Switzerland
• 2022: Named Law360 MVP in White Collar
• 2021: Quinn Emanuel was ranked by Leader’s League as the best law firm in Switzerland for Commercial Litigation, White-collar Crime, and Sports Law
• 2021: Selected to the Lawdragon Global Litigation 500 Guide
• 2010: Named in The Lawyer “Hot 100 2010” list
• 2009: First Runner-up, In-House Lawyer of the Year, The Lawyer
• 2009: Named an Innovative Lawyer in the Financial Times’ In-House Lawyers category
• 2008: Golden Peacock Global Award for Corporate Governance
• 2004: Named as one of the 50 finest Rainmakers of 2004 by Legal Business
• 2000: Named as World’s Leading Capital Markets Lawyer by IFLR
• 1999: Named one of the Top 20 Capital Markets Lawyers in the World (the Best of the Best) by IFLR
• 1998: Named as World’s Leading Capital Markets Lawyer by IFLR

Books

• Werlen Thomas/Sulzer Stefan, Aspekte der US–amerikanischen Securities Laws, in: Haber–sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, 5. Aufl., Frankfurt 2025.
• Reutter u. Thomas/Werlen Thomas, Aktuelle Fragen zum schweizerischen und internationalen Kapitalmarktrecht, Zürich 2023.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XVIII, Zürich 2022.
• Arpagaus Reto/Stadler Ralph/Werlen Thomas, Das Schweizerische Bankgeschäft, 8. Aufl., Zürich 2021 (neben der Arbeit als Herausgeber auch Alleinautor von Teil 1 Einführung und Teil 6 Investmentbanking und Handel).
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XVI, Zürich 2021.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XV, Zürich 2020.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XIV, Zürich 2019.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XIII, Zürich 2019.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XII, Zürich 2018.
• Werlen Thomas/Sulzer Stefan, Aspekte der US–amerikanischen Securities Laws, in: Haber–sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, 4. Aufl., Frankfurt 2019.
• Johnston William/Werlen Thomas, Set-Off Law and Practice – An International Handbook, 3^rd Edition, Oxford 2018.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XII, Zürich 2017.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkt – Recht und Transaktionen XI, Zürich 2016.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen X, Zürich 2015.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen IX, Zürich 2014.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen VIII, Zürich 2013.
• Werlen Thomas/Sulzer Stefan, Aspekte der U.S.-amerikanischen Securities Laws, in: Haber-sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, 3. Aufl., Frankfurt 2013.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen VII, Zürich 2012.
• Emch Urs/Renz Hugo/Arpagaus Reto, Das Schweizerische Bankgeschäft, 7. Aufl., Zürich 2012, Alleinautor von Teil 5 Investmentbanking und Handel (Kapitalmarktrecht (Primär– und Sekundärmarkt sowie Derivatgeschäfte) (mit Ausnahme der Unterabschnitte V- VIII).
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen VI, Zürich 2011.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen V, Zürich 2010.
• Johnston William/Werlen Thomas, Set–Off Law and Practice – An International Handbook, 2^nd Edition, Oxford 2010.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen IV, Zürich 2009.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen III, Zürich 2008.
• Werlen Thomas/Sulzer Stefan, Aspekte der US–amerikanischen Securities Laws, in: Haber-sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, 4. Aufl., Frankfurt 2019.
• Werlen Thomas/Sulzer Stefan, Aspekte der US–amerikanischen Securities Laws, in: Haber-sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, 2. Aufl., Frankfurt 2008.
• Reutter u. Thomas/Werlen Thomas, Kapitalmarkttransaktionen II, Zürich 2007.
• Johnston William/Werlen Thomas, Set–Off Law and Practice – An International Handbook, Oxford 2006.
• Reutter u. Thomas/Watter Rolf/Werlen Thomas, Kapitalmarkttransaktionen, Zürich 2006.
• Werlen Thomas/Sulzer Stefan, Aspekte der U.S.-amerikanischen Securities Laws, in: Haber-sack/Mülbert/Schlitt, Unternehmensfinanzierung am Kapitalmarkt, Frankfurt 2005.
• Werlen Thomas, Regulierung der derivativen Instrumente in den USA (Stand der Diskussion und Entwicklungstendenzen), in: Weber/Hirszowicz, Derivative Finanzinstrumente und Eigenmittelvorschriften, Zürich 1995.
• Zobl Dieter/Werlen Thomas, 1992 ISDA Master Agreement, unter besonderer Berücksichtigung der Swapgeschäfte, Zürich 1995.
• Zobl Dieter/Werlen Thomas, Rechtsprobleme des bilateralen Netting, Zürich 1994.
• Werlen Thomas, Konzeptionelle Grundlagen des schweizerischen Kapitalmarktrechts, Diss. Zürich, Zürich 1994 (= Schweizerische Schriften zum Bankenrecht 23).

Articles and Contributions

• Werlen Thomas/Ivanovic Dusan, M&A-Litigation und -Arbitration, in: Müller-Stewens/Schalast/Binder/Kunisch (Hrsg.), Mergers & Acquisitions, Handbuch für Strategie, Consulting und Rechtsberatung, 3. Aufl., Stuttgart 2024.
• Ivanovic Dusan/Werlen Thomas/Bartolomei Luca, Verhaltenspflichten bei Finanzdienstleistungen im Aufsichts- und Zivilrecht, SJZ 10/2023.
• Hertner Jonas/Ivanovic Dusan/Werlen Thomas, Rechtsfragen des LIBOR-Wegfalls – unter besonderer Berücksichtigung von Derivatverträgen, SZW 2/2021.
• Decurtins Remo/Werlen Thomas, Die Harmonika als Schnittmenge der Verfahren zu Kapitalherabsetzung, -erhöhung und Sanierung Das Aktienrecht im Wandel, in: Müller/Forrer/Zuur (Hrsg.), Festschrift für H. U. Vogt, Zürich 2020.
• Werlen Thomas, Exposure to U.S. Litigation – Myth of Reality for European Businesses?, in: Bonomi/Nadakuvakaren Schefer (Ed.), US Litigation Today: Still a Threat For European Businesses or Just a Paper Tiger?, Zürich 2018.
• Trubowitz Jascha/Werlen Thomas, The IBOR Global Benchmark Transition Report provides recommendations for transitioning from the IBORs to alternative RFRs (2018),  <https://blogs.lexisnexis.co.uk/loanranger/the-ibor-global-benchmark-transition-report- provides-recommendations-for-transitioning-from-the-ibors-to-alternative-rfrs/>
• Hertner Jonas/Werlen Thomas, Employee Rights, Switzerland, Global Investigations Review (2018), https://globalinvestigationsreview.com/jurisdiction/1005032/switzerland
• Hertner Jonas/Werlen Thomas, Überblick über das US-Kapitalmarktrecht, in: Sester/Brändli/Bartholet/Schiltknecht (Hrsg.), Finanzmarktaufsicht und Finanzmarktinftra-strukturen, Zürich/St. Gallen 2018.
• Werlen Thomas, Fragen im Zusammenhang mit Offenlegung von Rechtsfällen, in: Reutter/Werlen (Hrsg.), Kapitalmarkt – Recht und Transaktionen XII, Zürich 2017.
• Hertner Jonas/Werlen Thomas, Crowdfunding nach Schweizer Art – Rückbesinnung auf die Prinzipien der Kapitalmarktregulierung, in: Gschwend/Hettich/Müller-Chen/Schindler/Wildhaber (Hrsg.), Recht im digitalen Zeitalter, Festgabe Schweizerischer Juristentag 2015 in St. Gallen, Zürich/St. Gallen 2015.
• Hertner Jonas/Werlen Thomas, Resolution of International Financial Disputes — Can Switzerland be a Key Player?, in: Waldburger/Sester/Peter/Baer (Hrsg.), Law & Economics — Festschrift für Peter Nobel zum 70. Geburtstag, Bern 2015.
• Rehm Christian/Werlen Thomas, Paradigmenwechsel in der Primärkapitalmarktregulierung, in: Tagungsband Kapitalmarkttransaktionen IX, Zürich 2014.
• Werlen Thomas, Promoting a culture of compliance, in: The IN-HOUSE perspective, Volume 6, 2. April 2010.
• Werlen Thomas, Karriere in einer Anwaltskanzlei oder in einem Unternehmen?, in: Hambloch-Gesinn/Hess/Meier/Schiltknecht/Wind (Hrsg.), In-House Counsel in internationalen Unternehmen, Basel 2010.
• Werlen Thomas/Sulzer Stefan, Verantwortlichkeit der FINMA, GesKR 02/2009.
• Werlen Thomas/Sulzer Stefan, Erwerb eigener Aktien, in: Vogt/Stupp/Dubs (Hrsg.), Unternehmen –Transaktionen – Recht, Liber Amicorum for Rolf Watter zum 50. Geburtstag, St. Gallen 2008.
• Werlen Thomas/Schnydrig Andrin, Festlegung von Entschädigungen der Verwaltungsrats- und Geschäftsleitungsmitglieder durch die Generalversammlung – eine Verbesserung der Corporate Governance?, in: SZW 2007.
• Werlen Thomas, Hedge Fund Activism, GesKR, 12/2006.
• Werlen Thomas, Relevanz der EU-Marktmissbrauchsrichtlinie, in: Der Schweizerische Treuhänder, Schwerpunktnummer Kapitalmarktrecht, 10/2005.
• Werlen Thomas/Bohr B., Emissionsbanken in der Pflicht — Lehren aus dem “Fall” Worldcom, in: Neue Zürcher Zeitung vom 17. August 2005.
• Werlen Thomas/Wood Philip P., Liability of Stock Exchange Authorities and Regulators, in: ZSR 124 /2005.
• Werlen Thomas, Is the “International Practice of Law” the Practice of Genuine International Law?, in: Bär/Karrer, Reflections on the international practice of law: liber amicorum for the 35th Anniversary of Bär & Karrer, Basel 2004.
• Fischer-Appelt Dorothee/Werlen Thomas, The EU Prospectus directive — Content of the unified European Prospectus Regime and comparison with U.S. securities laws, in: EUREDIA 3/2004.
• Fischer-Appelt Dorothee/Werlen Thomas, The EU Prospectus Directive — An overview of the unified European Prospectus Regime, Part 1 and Part 2, in: Butterworths Journal of International Banking and Financial Law, 10/2004 and 11/2004.
• Werlen Thomas, Die Neuregelung des Europäischen Primärkapitalmarktrechts durch die Prospektrichtlinie. Anstoss zur Revision des schweizerischen Kapitalmarktrechts?, in: Von der Crone/Forstmoser/Weber/Zäch (Hsrg.), Aktuelle Fragen des Bank- und Finanzmarktrechts, Festschrift für Dieter Zobl, Zürich 2004.
• Modernising Collateralisation Laws in International Financial Markets, in: International Bar Association Committee E News, September 2003.
• Werlen Thomas/Taormina Andrea, Gelten US-Gesetze auch in der Schweiz?, in: Neue Zürcher Zeitung vom 22. März 2003.
• Werlen Thomas, Deutsche Anwälte von Regeln der SEC weitgehend verschont, in: Börsen-Zeitung vom 28. Januar 2003.
• Werlen Thomas/DeFilippo M., Ongoing Disclosure Obligations in the US and Germany, Practising Law Institute, December 2002.
• Schlitt Michael/Smith Philip D./Werlen Thomas, Die Going-Public-Grundsatze der Deutschen Börse AG, in: Die Aktiengesellschaft (AG), 47/2002.
• Werlen Thomas/Cortez C., Close-Out Netting in Brazil, in: International Bar Association Committee E News, September 2002.
• Werlen Thomas, The Present and Future of the Use of Collateral in International Transactions, with a Particular Focus on Switzerland, in: Swiss Reports Presented at the XVIth International Congress of Comparative Law, July 2002.
• Werlen Thomas/Schlitt Michael,Veröffentlichungen beim Börsengang eingeschränkt, in: Frankfurter Allgemeine Zeitung vom 7. Mai 2002.
• Werlen Thomas/Flanagan Sean, The 2002 Model Netting Act: A Solution for Insolvency Uncertainty, in: Butterworths Journal of International Banking and Financial Law 154/2002.
• Werlen Thomas/Golden J., Practising Law Institute Course Handbook, December 2001.
• Werlen Thomas, A new currency for Europe – United States, Euro Bulletin, Capital Markets Forum of the IBA, May 1999.
• Werlen Thomas, Legal Implications of EMU on Derivatives Transactions and the U.S. Approach, in: Butterworths Journal of International Banking and Financial Law, March 1999.
• Werlen Thomas, Legal Implications of EMU on Derivatives Transactions and the U.S. Approach, International Business Lawyer, January 1999. 
• Cunningham Daniel/Werlen Thomas, The Euro, in: 30th Annual Institute on Securities Regulation, Practising Law Institute 1999.
• Cunningham Daniel/Werlen Thomas, ISDA Netting Opinions, in: Swaps and other Derivatives in 1998, Practising Law Institute.
• Cunningham Daniel/Jones Brent/Werlen Thomas, ISDA offers standard documents for Credit Swaps, in: International Financial Law Review, May 1998.
• Cunningham Daniel/Werlen Thomas, The US prepares for European EMU, in: International Financial Law Review, December 1997, reprinted in: Current Developments in the European Capital Markets, The Impact of a Single Currency, Practising Law Institute, 1998.
• Cunningham Daniel/Werlen Thomas, Risk Reduction through Multibranch Netting, in: Schwartz/Smith (Ed.), Derivatives Handbook, Risk Management and Control, New York 1997.
• Cunningham Daniel/Werlen Thomas, ISDA Netting Opinions, in: Swaps and other Derivatives in 1997, Practising Law Institute.
• Cunningham Daniel/Werlen Thomas, Cross-border Insolvencies in Search of a Global Remedy, in: International Financial Law Review, December 1996.
• Cunningham Daniel/Werlen Thomas, The Model Netting Act, A Solution for Insolvency Uncertainty, in: Futures & Derivatives Law Report, November 1996.
• Cunningham Daniel/Werlen Thomas, Providing a Legal Basis for Repurchase Transactions in the US, in: International Financial Law Review, April 1996.
• Cunningham Daniel/Werlen Thomas, Derivatives and the Reduction of Credit Risk, in: International Financial Law Review, January 1996.
• Cunningham Daniel/Werlen Thomas, ISDA Netting Opinions, in: Swaps and other Derivatives in 1996, Practising Law Institute.
• Werlen Thomas, Wie schutzbedürftig ist der Käufer von OTC-Derivaten?, in: Neue Zürcher Zeitung vom 4. Juli 1995.
• Werlen Thomas, Schweizerisches Kapitalmarktrecht als Anlegerschutzrecht?, SZW 1995.
• Werlen Thomas, Ausländische Anlagefonds und das revidierte Anlagefondsgesetz, in: INVEST, April 1995.
• Werlen Thomas, Risikofonds unter dem revidierten Anlagefondsgesetz, in: Neue Zürcher Zeitung vom 31. Januar 1995.
• Zobl Dieter/Werlen Thomas, Durchsetzbarkeit bilateraler Nettingsysteme, in: Neue Zürcher Zeitung vom 26. Oktober 1993. 

CapLaw

Bösch René/Werlen Thomas, The Regulatory Agenda for 2024 in Switzerland, in: CapLaw February 2024.

Werlen Thomas/Weber Simon, Switzerland’s Quest for a Safe Haven for Crypto Products, in: CapLaw October 2023.

Werlen Thomas/Oppolzer Konstantin/Hertner Jonas, Collective Redress in Switzerland and the EU – Where does it stand?, in: CapLaw June 2022.

Werlen Thomas/Hertner Jonas/Ivanovic Dusan, LIBOR transition remains fraught with risk, in: CapLaw June 2021.

Werlen Thomas/Hertner Jonas, Update: The Enforcement of Clients’ Rights in the Financial Services Act, in: CapLaw December 2019.

Werlen Thomas/Hertner Jonas, The Enforcement of Clients’ Rights in the Financial Services Act, in: CapLaw December 2018.

Werlen Thomas/Decurtins Remo, The Proposed Strengthening of Group Action in Swiss Civil Procedure, in: CapLaw October 2018.

Werlen Thomas/Trubowitz Jascha, An Update on International Arbitration and Financial Institutions, in: CapLaw July 2018.

Werlen Thomas/Trubowitz Jascha, A Brief Overview of the LIBOR Reform, in: CapLaw April 2018.

Werlen Thomas/Wühler Matthias/Hertner Jonas, Cross-Border Transactions in Intermediated Securities: Switzerland Maintains its Lead (Part 2/2), in: CapLaw February 2018.

Werlen Thomas/Wühler Matthias, Cross-Border Transactions in Intermediated Securities: Switzerland Maintains its Lead (Part 1/2), in: CapLaw October 2017.

Werlen Thomas/Portmann Matthias/Hertner Jonas, The Enforcement of Clients’ Rights in the Draft Financial Services Act (FinSA) – Update, in: CapLaw February 2017. 

Werlen Thomas/Hertner Jonas, U.S. Federal Reserve to Enforce U.S. Bank Resolution Regimes on Cross-Border Financial Contracts, Requiring Counterparties to Relinquish Default Rights, in: CapLaw September 2016.

Werlen Thomas/Wühler Matthias, The EU Market Abuse Regulation, in: CapLaw July 2016. 

Werlen Thomas/Hertner Jonas, Draft Financial Services Act to Expand Clients’ Enforcement Rights vis-à-vis Financial Services Providers, Leaves Key Questions Unaddressed, in: CapLaw February 2016.

Werlen Thomas/Yasseen Gailani, ABN AMRO Bank NV v Bathurst Regional Council Rating Agencies’ Duty of Care to Investors, in: CapLaw July 2014.

Werlen Thomas/Hertner Jonas, Global Benchmarks in the Spotlight: An Overview of Investigations into LIBOR and Foreign Exchange Market Manipulations, in: CapLaw May 2014.

Werlen Thomas/Hertner Jonas, The Globalization of Class Actions, in: CapLaw November 2013.

Werlen Thomas/Sulzer Stefan, Update on Over-the-Counter (OTC) Derivatives Legislation in the US, in Switzerland and in the EU, in: CapLaw June 2013.

Werlen Thomas/Sulzer Stefan, Update on Over-the-Counter (OTC) Derivatives Legislation in the US, in: CapLaw December 2012.

Werlen Thomas/Sulzer Stefan, Update on Over-the-Counter (OTC) Derivatives Legislation in the EU, in: CapLaw April 2012.

Werlen Thomas/Sulzer Stefan, U.S. Securities and Exchange Commission issues final rules implementing the Dodd-Frank whistleblower provisions, in: CapLaw March 2011.

Werlen Thomas/Sulzer Stefan, Deutsche Bank loses first German High Court Case over Swaps, in: CapLaw February 2011.

Werlen Thomas/Sulzer Stefan, The U.S. Dodd-Frank Act - Implications for Foreign Private Issuers, in: CapLaw May 2010.

Werlen Thomas/Sulzer Stefan, Update on Over-the-Counter (OTC) Derivatives Legislation, in: CapLaw April 2010.

Werlen Thomas/Sulzer Stefan, Developments in Over-the-Counter (OTC) Derivatives Legislation, in: CapLaw March 2010.

Werlen Thomas/Sulzer Stefan, U.S. Bankruptcy Court finds that Payment Conditionality is unenforceable under Section 2(a)(iii) of the ISDA Master Agreement, in: CapLaw January 2010.

Werlen Thomas/Sulzer Stefan, Eliminating Broker Discretionary Voting for Director Elections – Impact on Foreign Private Issuers, in: CapLaw June 2009.

Werlen Thomas/Sulzer Stefan, U.S. Legislation on Over-the-Counter Derivatives, in: CapLaw May 2009.

Werlen Thomas/Sulzer Stefan, First Insider Trading Case Regarding Credit Default Swaps, in: CapLaw April 2009. 

Werlen Thomas/Sulzer Stefan, Movements in the European Clearing Market, in: CapLaw April 2009.

Werlen Thomas/Sulzer Stefan, CDS Standardization Aims to Introduce More Clarity, in: CapLaw March 2009.

Werlen Thomas/Sulzer Stefan, Regulating Credit Default Swaps, in: CapLaw February 2009.

Werlen Thomas/Sulzer Stefan, Weaknesses in the ISDA Master Agreement and the ISDA CSA, in: CapLaw February 2009.

Werlen Thomas/Sulzer Stefan, Enforceability of Standard Credit Default Swap Contracts, in: CapLaw January 2009.

Podcasts

Corporate Law Club (CLC) podcast – Episode #4: "In-House vs. Anwaltskanzlei"

Selected Presentations

Annual Conference of P.R.I.M.E. Finance in The Hague (recurring presentations at annual general meetings 2013 – 2020 on various topics of actual relevance)

Traphagen Distinguished Alumni Speakers Series, Harvard Law School, October 2015

Herbsttagung des Bucerius Center on the Legal Profession, November 2013

• Member, Supervisory Board, Sphaira Innovation (since August 2022)
• Alternate Member of the Appeals Board of SIX Swiss Exchange AG (since September 2013)
• Habilitated Lecturer (from November 2012 till August 2019) and Professor (since August 2019) for Finance and Capital Markets Law, University of St. Gallen (since November 2012)
• Lecturer for Corporate Governance, Finance and Banking Law, University of Zurich (since 1996)
• Member of Panel of Experts of P.R.I.M.E. Finance (since 2012)
• Member, European Advisory Board, Capital Markets Law Journal
• Member, Best Lawyers Advisory Board
• Member, Advisory Board, University of Bologna Law Review
• Member, Advisory Board, European Journal of Risk Regulation
• Co-editor, CapLaw, the Swiss Capital Markets Law Newsletter published by Swisslex