Overview
Credit Suisse AT1 write-down lawsuits — Switzerland. In March 2023, during the government-brokered emergency takeover of Credit Suisse by UBS, FINMA ordered the complete write-down of ~CHF 16 billion in AT1 bonds; investors called it wrongful and launched challenges in Switzerland, the US and investor-state forums (per FINMA, Lindemann Law and reporting). The Swiss Federal Administrative Court upheld the write-down and the dispute has reached the Swiss Federal Supreme Court; a US appeals court dismissed claims on Swiss sovereign immunity, and an investor-state group action (funded by Omni Bridgeway) closed its signup on July 16, 2026 (per finews and Omni Bridgeway). We track the public record only.
Status of the science / claims: The dispute is regulatory and contractual: whether FINMA’s write-off of AT1 bonds during the emergency rescue was lawful under Swiss law and investment treaties (per court papers and reporting).
Companies involved
Settlement amounts
No settlement is on the public record; a $370 million US claim was dismissed (per finews) and Swiss review is pending (per Lindemann Law). No amount can be promised.
Key dates
- July 16, 2026Investor-state group action signup deadline passes; US appeals court upholds Swiss sovereign immunity (per Omni Bridgeway and finews)
- January 1, 2026Dispute reaches the Swiss Federal Supreme Court after the Federal Administrative Court ruling (per Lindemann Law)
- September 1, 2023Investors challenge the write-down in Swiss courts (per Lindemann Law)
- March 19, 2023FINMA orders complete write-down of ~CHF 16 billion in Credit Suisse AT1 bonds in the UBS takeover (per FINMA and reporting)
Updates
- Updated Jul 16, 2026New case (Sep 2026, CH): Credit Suisse AT1 write-down (CHF 16B, Mar 2023) — Swiss Supreme Court review pending; US appeal dismissed on sovereign immunity; investor-state group action signup closed Jul 2026.
Notable filings
No notable filings recorded yet. Docket entries are added from public court records as they appear.
FAQ
What was written off in the Credit Suisse rescue?
FINMA ordered the complete write-down of ~CHF 16 billion in Credit Suisse AT1 bonds as part of the March 2023 emergency UBS takeover (per FINMA and reporting).
What happened in court?
A Swiss Federal Administrative Court upheld the write-down and the case reached the Swiss Federal Supreme Court; a US appeals court dismissed claims on Swiss sovereign immunity (per Lindemann Law and finews, 2026).
Can bondholders recover anything?
Recovery depends on the pending Swiss Supreme Court review and investor-state proceedings; nothing is promised (per reporting, 2026).
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