Lawyers seek funder for Credit Suisse AT1 bondholders’ class action

LAWYERS who may be representing a group of Singaporean bondholders who bought Credit Suisse’s Additional Tier-1 (AT1) bonds are seeking a litigation funder to support a class-action suit against the Swiss government over the write-down of the lender’s AT1 debt. (*see amendment note)

If the bondholders are successful, they will not have to pay for the suit. The funders and bondholders will have a chance of getting perhaps 15 per cent to 20 per cent of their monies back, said Jonathan Lim, a partner at WilmerHale who specialises in international arbitration.

He has been in talks on behalf of the bondholders with some third-party sponsors who have indicated interest in funding the litigation. None have officially committed to do so.