The Financial Times has reported on the lawsuit against Switzerland by more than 1,000 Credit Suisse AT1 bondholders in a dispute over the wipeout of USD 16 billion debt. Proceedings are pending in Switzerland and the United States. Recently, more plaintiffs were added to a lawsuit against Switzerland in an amended complaint filed in New York.
Quinn Emanuel represents by far the largest group of bondholders, making up more than a third of the USD 16 bn total nominal value affected by the write-down order issued by Swiss financial regulator FINMA. This includes the largest holders, such as international hedge funds, but also pension funds. Further, we represent hundreds of retail investors from various jurisdictions.
Partner and Head of Quinn Emanuel’s sovereign litigation practice, Dennis Hranitzky, is quoted in the article, stating "the AT1 write down had affected a diverse spectrum of investors, including retail investors and individuals saving for their retirement through institutionally managed 401k and pension plans”. Dennis, alongside attorneys Thomas Werlen, Alex Loomis, Leo Kitchen, and Jonas Hertner, is part of the QE team spearheading efforts in this widely followed case.
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Learn more about Quinn Emanuel's Sovereign Litigation, Arbitration, and Workouts practice here.