Credit Suisse employees are preparing to sue Swiss regulator FINMA after losing $400m in bonuses that were partially tied to the bank’s AT1 bonds.
The value of the bank's riskiest bonds were written down to zero in March as part of the rescue deal by UBS orchestrated by the Swiss authorities. According to a report by the Financial Times, law firms Quinn Emanuel and Pallas, which are already suing FINMA on behalf of AT1 bondholders, have received multiple requests from senior managers at Credit Suisse to also take legal action on their behalf. Credit Suisse AT1 bond investors sue Swiss regulator Lawyers are unsure if claims from Credit Suisse employees could be added on to the current claim filed against FINMA or would need t...
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