The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023.
REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowSept 15 (Reuters) - A group of international bond investors is drawing up plans to sue Switzerland in the U.S. courts for expropriation over the losses they suffered after UBS (UBSG.S) agreed to take over Credit Suisse with state support, the Financial Times reported.
In essence, the claim would be seeking compensation for the destruction of [investors'] property rights, a person with knowledge of the plans told FT.Quinn Emanuel and Credit Suisse declined to comment.
Quinn Emanuel is already suing Switzerland's financial regulator, FINMA, after the state-assisted rescue of Credit Suisse in March wiped out the Swiss bank's 16 billion Swiss franc ($17.85 billion) Additional Tier 1 (AT1) bondholders.
($1 = 0.8963 Swiss francs)Reporting by Gursimran Kaur in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Denis Balibouse, Quinn Emanuel, Gursimran Kaur, Shilpi Majumdar
Credit Suisse, UBS, REUTERS, UBS Group, Financial Times, Reuters, Thomson
Geneva, Switzerland, U.S, Bengaluru