Following UBS's rapid takeover of Credit Suisse last year, law firm Clyde Co. has said that Credit Suisse’s Additional Tier 1 AT1 bondholders, who were wiped out at the time, can now take action against Switzerland for expropriation by bringing investment treaty claims, according to a March 25 media release.
This move is valid if the government breached international investment agreements, which operate on a cross-border basis, when it wrote the value of the AT1 bonds down to zero as part of the takeover of Credit Suisse by UBS.
These agreements can include bilateral investment treaties or free trade agreements, which classify...
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