A Zurich court dedicated to commercial issues received a second lawsuit in a single day on Monday against the bank’s conditions of sale. Credit Suisse to his rival UBS.
Start-up Legalpass filed a class action lawsuit on behalf of 3,000 small Credit Suisse shareholders alleging that UBS made an inordinate profit in a highly profitable transaction that was pushed by the Swiss government, fearful of the impact of a chaotic bankruptcy. of Credit Suisse could have on the country’s economy.
The Ethos Foundation, which represents the interests of Swiss institutional shareholders, joined the lawsuit.
In another legal action filed separately, the Swiss Association for the Protection of Shareholders filed a lawsuit against the sale price of Credit Suisse, with the participation of a thousand small Swiss private shareholders, hours earlier in the same court.
Credit Suisse was sold for 3,100 million euros, while on the stock market it was worth more than 7,000 million, in an operation that established that its shareholders would receive a single UBS share for every 22 shares of the former.
Other legal claims have been filed in various courts in Switzerland against the decision of the national authorities in charge of regulating financial markets to completely annul the value of Credit Suisse’s AT1 loans, which were worth 16 billion euros.
(With information from Reuters)
Source: Gestion
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