Quinn Emanuel represents over 1,000 investors in AT1 bonds in fight against FINMA decision

Date: 18 May 2023

Vicente Luckina Bunn

Quinn Emanuel Urquhart & Sullivan, the world’s largest litigation only international law firm, has added more plaintiffs to their group appeal against the Swiss Financial Market Supervisory Authority (FINMA) in a filing submitted on 3rd May.

Quinn Emanuel has partnered with five law firms, that are representing investors with smaller bond holdings, in the United States, the United Kingdom, Singapore, Gulf Cooperation Council and Switzerland. This filing follows a claim filed by Quinn Emanuel on 18th April, challenging the order issued by the Swiss Financial Market Supervisory Authority (FINMA) requiring Credit Suisse to write down the AT1 bonds following the acquisition of Credit Suisse by UBS. With these additional plaintiffs added to the complaint, Quinn Emanuel now represents over 1,000 bondholders that hold approximately a third of the total notional value of the Credit Suisse AT1 bonds which were written down on 19th March.

Quinn Emanuel is working with the following firms:

1. United States – Wollmuth Maher & Deutsch

2. United Kingdom – Keidan Harrison

3. Singapore – Engelin Teh

4. Gulf Cooperation Council – Global Advocacy and Legal Counsel

5. Switzerland – Geissbühler Weber & Partners

Prof. Thomas Werlen, Managing Partner of Quinn Emanuel Switzerland, observed: “These bonds were sold to a large variety of investors, including pension funds but also retail investors given that the Swiss Franc instruments in particular had a denomination and minimum trading value of CHF 5,000. With this additional group, the number of affected investors exceeds 1,000 and the submission could therefore be the largest collective complaint ever filed in Switzerland.”

Richard East, Senior Partner in the London office at Quinn Emanuel, “Our most recent filing is significant for our overall strategy. Not only does it ensure representation for smaller bondholders, but we hope it will also serve to ensure a transparent investigation by the Swiss Courts into the decision-making process behind FINMA’s actions. A just and inclusive financial system depends on the fair treatment of all investors, and transparency is the foundation of trust. By seeking clarity and accountability, we aim to uphold the integrity of the financial market and ensure that decisions affecting the livelihoods of many are made with diligence and transparency.”

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