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WongPartnership in talks with over 40 Credit Suisse AT1 bondholders to launch new suit

Yong Hui Ting

Yong Hui Ting

Published Tue, May 30, 2023 · 03:32 PM
    • The latest move adds to a growing number of legal actions in Singapore against the Swiss government.
    • The latest move adds to a growing number of legal actions in Singapore against the Swiss government. PHOTO: BLOOMBERG

    LAW firm WongPartnership is in talks with more than 40 holders of Credit Suisse Additional Tier-1 (AT1) bonds, to represent them in a collective action against the Swiss government.

    They are seeking to bring forth an “investor treaty case”, which argues that the Swiss government’s decision to write off the bonds breached agreed-upon protections afforded to Singapore investors under the EFTA-Singapore Free Trade Agreement.

    Short for the European Free Trade Association, EFTA is a group of countries comprising Switzerland, Iceland, Liechtenstein and Norway.

    credit suisseCredit Suisse GroupAdditional Tier 1 bonds

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