Private investors who lost money after the acquisition of Credit Suisse by banking group UBS are suing. They are trying to challenge the buyout in court, reports Financial Times Sunday.
The Swiss Investor Protection Association plans to file the claim with the court in Zurich on Monday on behalf of about five hundred investors.
Earlier, a Swiss consultancy firm announced a lawsuit on behalf of a group of investors, because UBS would have paid too little for the acquisition of its competitor Credit Suisse.
The deal saved Switzerland’s second largest bank from bankruptcy in March. But according to consultancy Ethos Foundation, the price was remarkably low compared to the market value that Credit Suisse had a few days earlier.
LegalPass, a legal technology platform, had the same complaint before. Upon the acquisition, Credit Suisse shareholders received one UBS share for every 22.48 shares of the bank. This means that the failing bank was valued at 3 billion Swiss francs (3.1 billion euros), while the group was still worth 7 billion francs on the stock exchange 48 hours earlier.
Credit Suisse ran into problems because many customers withdrew their credits. In the years before, the Swiss bank was involved in a series of scandals that resulted in significant losses.
2023-08-13 10:04:22
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