Hundreds of Credit Suisse shareholders have decided to go to court for losses caused by the takeover of the troubled bank by rival UBS. It has been reported Finance Times.
The publication points out that the Swiss Investors Protection Association (SASV) will sue in Zurich court on behalf of about 500 shareholders of a credit institution. This will happen on August 14. The case is expected to be decided within a year.
As part of the Credit Suisse purchase, UBS paid 3 billion Swiss francs (approximately $3.4 billion). This is twice less than the actual market value of the lender on the last trading day before closing the deal. Most of the plaintiffs are former employees of Credit Suisse, who receive compensation in the form of shares for their many years of work.
Prior to this, documents collected by the Swiss Parliament’s commission during the investigation into the bankruptcy of Credit Suisse bank, to be classified 50 years for privacy reasons.
former Central Bank increased sharply key rate to 8.5%.
Source: Gazeta
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